SpotLite360 IOT Solution Inc has announced its financial and operational highlights for year ended December 31, 2021 during which the company was listed on the Canadian Securities Exchange (CSE), noting that for the rest of 2022 it will focus on revenue growth and onboarding new customers.
Since listing on the CSE in June 2021 and throughout the first half of 2022, SpotLite360 focused on building out its supply chain technology platform, its team and software integrations, the company said.
"We are delighted to secure new customer contracts and associated revenue in the first couple of quarters since going public in 2021 and we are off to a great start in 2022,” James Greenwell, the company president and CEO, said in a statement.
“With our backlog of over (USD) $10 million in contracted revenue and a strong team to support implementations and customer delivery, we anticipate that our first full year of operating results will represent significant growth for SpotLite360," he added.
READ: SpotLite360 IOT Solutions inks US$10 million contract with cannabis cultivation company
In the financial year 2021, SpotLite360 reported C$4.2 million in expenses mostly related to startup costs and stock-based compensation. On a fully diluted basis, the company reported a loss of $0.10 per share. On completing its initial investments in 2021, the company generated revenue in the fourth quarter of 2021 totaling C$204,000.
In March 2022, SpotLite360 obtained a majority interest in E3 Service Group, a design-build engineering firm targeting indoor cannabis cultivation facilities while in April it announced a near $10 million contract with an Arizona-based cultivation company. This project began in the first quarter of 2022 and it is expected to be completed within the 2022 fiscal year.
SpotLite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain.
Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, SpotLite360 endeavors to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries.
Contact the author at jon.hopkins@proactiveinvestors.com