TraceSafe Inc. (CSE:TSF) has told investors that it will recognise US$5.96 million in revenue for the third quarter of its 2021 financial year, breaking all previous revenue records to date.
The company said it also recorded its first quarterly profit, with diluted earnings per share of $0.03, up from a $0.02 loss in 3Q 2020.
"We witnessed phenomenal growth this year. Along with becoming profitable in the third quarter, we recorded our highest revenue since inception," CEO Wayne Lloyd said in a statement.
“We made a strong impact with products that empower businesses and respond to the evolving needs of our customers. These results, fuelled by new verticals and repeat business from multiple clients, cement our position as one of the most innovative providers of IoT (Internet of things) based solutions," he added.
READ: TraceSafe launches on-premise instances with fallback, solidifying its Platform-as-a-Service (PaaS) model
For the three months ended September 30, revenue was five-and-a-half times higher than the same quarter a year earlier, while gross profit increased to $2.5 million from $448,000 in 3Q 2020.
Following significant revenue recognition in the third quarter, the company said it expects full-year revenue to be 3.7 times higher than last year.
Business highlights of the quarter include:
- The successful implementation of an on-premise platform with innovative failover clusters across nine client servers;
- Expansion in the Asia Pacific region with the opening of a TraceSafe location in Tokyo, Japan;
- The milestone achievement of accumulated sales of over one million IoT devices;
- In collaboration with Royal Caribbean International, TraceSafe developed custom wearable devices and bands, which are equipped with long-lasting batteries and RFID modules;
- In partnership with TELUS, TraceSafe provided the technology for contact tracing and quarantine solutions at the Women's World Hockey Championship in Calgary, Alberta;
- Better access to common shares for international investors due to eligibility for electronic clearing and settlement through the Depository Trust Company in the US.
"Our goal is to empower organizations with insights captured from data across the environment and their operations," Lloyd said.
"Customers are increasingly looking to run their businesses in ways that are both profitable and sustainable.
“We believe that we can help organizations of all sizes and geographies achieve this goal through an end-to-end technology platform for a more sustainable future.”
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management. Its leading cloud management solution ensures both user privacy and comprehensive administrative control.
The company's patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to its government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government, and large-scale venue management.
Contact the author at stephen.gunnion@proactiveinvestors.com