SpotLite360 IOT Solutions (CSE:LITE) Inc. has posted revenue of C$0.944 million in the three months ended March 31, 2022 compared to C$0.199 million in the quarter ended December 31, 2021 as a result of a new customer implementation.
The company said the new business is anticipated to generate more than C$12 million in revenue throughout 2022.
"We are very excited to show these results and further validate our strategy of delivering supply chain transparency, trust and proof of sustainability claims to both customers and consumers,” Spotlite360 president and CEO James Greenwell said in a statement.
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“Given our strong pipeline and a current backlog of contracted business of more than $12 million, the company anticipates further growth throughout the balance of fiscal 2022,” he added.
The company said net loss narrowed to C$548,164 or $0.01 per share in the first quarter from C$1.086 million or $0.02 per share in the three months ended December 31, 2021. Losses in the three months ended March 31, 2022 were due to expenses related to consulting fees, marketing fees, salaries and share-based compensation, though it noted that on a non-GAAP accounting basis, the company was near break-even.
Adjusted EBITDA improved with a loss of $0.009 million in 1Q compared to a $0.665 million loss in Q4 of 2021.
“Backlog value of executed contracts entering Q2 2022 remained over $12 million with project implementations underway,” the company said, noting that its offices in Arizona and Oklahoma have begun operations.
Spotlite360 also anticipates additional opportunities for mergers and acquisitions given the fragmented nature of the market.
“The vision of building an enterprise scalable SaaS-based technology company targeting the supply chain, remains a high priority,” it added.
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 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries.
Contact the author at jon.hopkins@proactiveinvestors.com