TraceSafe Inc. (CSE:TSF) has said its gross profit in the first quarter of the year came in at $0.9 million, a 481% increase from the year-ago period, thanks to growth in its higher revenue margin stream.
The company also said it recognized $1.3 million in revenue for 1Q, 2022.
"The results are in line with the revenue expectations from last year and the seasonality of the business. We have a strong business development pipeline across APAC and North America, and we are also strengthening our presence in regions like the Middle East and Europe," said Wayne Lloyd, TraceSafe CEO in a statement.
READ: TraceSafe announces record year in 2021 with annual revenue of US$13M
"For the second half of 2022, our focus is on building products to address the huge opportunity presented by carbon monitoring, mitigation and marketplaces with a new product that will help break barriers in sustainability and greenhouse gas emissions compliance," he added.
During the first quarter, service income revenue was $0.8 million, rising 84% from the year-ago period. Due to continuous cost containment efforts, operating expenses of US$2.7 million decreased by 32% over the corresponding period in the prior year. As a result, the company decreased its operating loss to $1.9 million, down 52% over the year-ago period. Similarly, its net loss of $1.8 million decreased by 55% over the year-ago period.
The company secured $3.2 million in financing to accelerate growth in the first quarter, paving the way for executing larger value-creating products. TraceSafe also announced strategic focus on decarbonization-as-a-service platform and achieved a patent for a position tracking system. This technology allows for location-aware IoT devices to function accurately with reduced power consumption.
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.
Contact the author at jon.hopkins@proactiveinvestors.com