TrackX Sees 505% Year-on-Year Revenue Growth in Q1 Fiscal 2017
DENVER, CO — February 27, 2017— TrackX Holdings Inc. (TSX.V:TKX) (“TrackX” or the “Company”), announces the financial and operational highlights from its first quarter of fiscal year 2017, ending December 31, 2016. All results are reported in Canadian dollars.
Summary Financial Highlights for the First Quarter Ended December 31, 2016:
- TrackX reported revenues of $1,633,191, a 505% increase over the $270,067 reported in Q1 2016.
- Gross margin was $448,760, representing 27.5% of revenues versus negative ($45,377) for the comparable year-ago period.
- Loss for the quarter was $558,561 compared to the $427,629 loss for the prior year’s comparable quarter.
Q1 2017 and Subsequent Operational Highlights:
- Completed Phase 1 of a national roll out with a leading U.S. used car retailer across 22 locations. The customer has requested TrackX to expand this deployment across an additional 20 locations and initiate an additional Phase 2 rollout to implement workflow tracking and analytics.
- Accelerated the nationwide implementation and deployment of asset tracking, manufacturing work-in-process and yard management solutions across multiple divisions of one of the world’s largest beverage companies.
- Hired Mr. Jason Read a supply-chain logistic veteran formerly with Descartes Systems Group, as Chief Operating Officer, and hired Ms. Monica Kimbrough as strategic advisor. Ms. Kimbrough has served as Chief Enterprise Architect for Salesforce and supported the COO Lead Transformation Office at Cisco Systems.
- Partnered with All Pretium Consulting Services. All Pretium has become the primary reseller partner for the sale and delivery of TrackX products throughout Latin America.
“Since our capital raise in May of 2016, we have made significant investments to better support, serve and expand our customer base, which includes several Fortune 500 companies,” said TrackX President and CEO, Tim Harvie. “Our revenue growth during the quarter and subsequent expanded customer deployments are a direct result of these investments.”
Selected Financial Information
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* Adjusted EBITDA is a non-IFRS (international financial reporting standards) measure and excludes stock based compensation
** Cash on hand as of September 30, 2016
About TrackX
TrackX, based in Denver, Colorado, is an enterprise Industrial Internet of Things (IIoT) software platform provider leveraging multiple auto-ID technologies for the comprehensive management of physical assets. TrackX’s Global Asset Management for the Enterprise (G.A.M.E.) enables the IIoT by providing unique item level tracking, workflow processing, event management, alerts and powerful analytics to deliver solutions across a growing number of industries. This platform creates unprecedented visibility and business intelligence of man-to-machine and machine-to-machine interaction. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.
For more information, please contact:
Knox Henderson, TrackX Holdings Inc.
khenderson@trackx.com
778-373-2003
Sean Peasgood, Sophic Capital
Sean@SophicCapital.com
416-565-2805
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.