Lingo Media Corporation (TSX-V:LM) has reported improved results for the three months ended March 31, 2022, as it continues to execute on its business plan.
The EdTech company posted revenue of C$159,146 for the first quarter of 2022 compared to C$149,080 in the year-ago period.
"During Q1-22, we invested in our product portfolio and our sales, marketing and customer success teams. We are executing on our annual plan and advancing strategic partnerships," said Gali Bar-Ziv, its president and CEO, in a statement.
READ: Lingo Media sees 4Q profits rise as it expands portfolio of online language learning tools
Lingo Media saw its net loss for the first three months of 2022 narrow to C$334,176 from a loss of C$419,677 in the year-ago period, while operating and development expenses amounted to C$411,399 compared to C$392,605 in 1Q of 2021.
During the quarter, the company made several improvements to its product portfolio, including advancing the development of levels two and three of its new primary school solution and initiating the design and development of gamification for the primary school solution.
It also added a number of sales and customer success personnel to its Latin America and Asia businesses.
Lingo Media is an EdTech company developing and marketing products for language learners of all stages from classroom to boardroom. It has established successful relationships with key government and industry organizations internationally, with a presence in Latin America, China and the US, and continues to both extend its global reach and expand its product offerings.
Contact the author at jon.hopkins@proactiveinvestors.com