Prodigy Ventures Inc. Announces Q2 Results
(TSXV-PGV)
TORONTO, Aug. 18, 2021 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced its financial results for the three and six months ended June 30, 2021.
"Prodigy has reached a pivotal point in its strategic development with the closing of the FICANEX Technology acquisition," said Tom Beckerman, Prodigy's Chairman and CEO. "The just-released final report of the Canadian Advisory Committee on Open Banking has recommended the adoption of open banking over the next 18+ months, and our tunl.™ and IDVerifact™ platforms are ideally positioned to deliver innovation for our customers in this high growth sector."
Second Quarter 2021 Financial Results
- Revenue for the three months ended June 30, 2021 totalled $3,245,006 as compared to $4,094,155 for the three months ended June 30, 2020, a decrease of 21%.
- Gross profit for the three months ended June 30, 2021 of $876,498 as compared to $1,151,648 for the three months ended June 30, 2020, a decrease of 24%.
- Operating expenses for the three months ended June 30, 2021 of $970,087 as compared to $1,068,375 for the three months ended June 30, 2020, a decrease of 9%.
- Net loss for the three months ended June 30, 2021 totalled $83,485 as compared to net income of $49,289 for the three months ended June 30, 2020.
- Adjusted EBITDA for the three months ended June 30, 2021 totalled $3,427 as compared to $160,756 for the three months ended June 30, 2020.
- The Company had working capital of $2,507,005 as of June 30, 2021 compared to $2,715,694 as of December 31, 2020.
Year-to-Date 2021 Financial Results
- Revenue for the six months ended June 30, 2021 totalled $6,573,993 as compared to $8,578,295 for the six months ended June 30, 2020, a decrease of 23%.
- Gross profit for the six months ended June 30, 2021 of $1,782,617 as compared to $2,374,411 for the six months ended June 30, 2020, a decrease of 25%.
- Operating expenses for the six months ended June 30, 2021 of $1,843,914 as compared to $2,280,816 for the six months ended June 30, 2020, a decrease of 19%.
- Net loss for the six months ended June 30, 2021 totalled $64,393 as compared to net income of $51,258 for the six months ended June 30, 2020.
- Adjusted EBITDA for the six months ended June 30, 2021 totalled $121,818 as compared to $245,002 for the six months ended June 30, 2020.
Three months ended | Six months ended | |||
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
Revenue | 3,245,006 | 4,094,155 | 6,573,993 | 8,578,295 |
Gross Profit | 876,498 | 1,151,648 | 1,782,617 | 2,374,411 |
Expenses | 970,087 | 1,068,375 | 1,843,914 | 2,280,816 |
Net and comprehensive income (loss) for the period | (83,485) | 49,289 | (64,393) | 51,258 |
Net income (loss) per share – basic and diluted | (0.00) | 0.00 | (0.00) | 0.00 |
Adjusted EBITDA(1) | 3,427 | 160,756 | 121,818 | 245,002 |
(1) | Adjusted EBITDA is a non-GAAP financial measure, which is defined as earnings before income tax expense, finance costs, depreciation and amortization and share-based compensation. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in our business performance. Adjusted EBITDA is used by management to assess our operating performance. The presentation of Adjusted EBITDA is to provide additional useful information to investors and analysts and the measure does not have any standardized meaning under IFRS. Adjusted EBITDA should therefore not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Adjusted EBITDA differently. |
(2) | For further information regarding non-GAAP financial measures please see the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2021 under the heading "Non-GAAP Financial Measures". |
The complete unaudited financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com or the Company's website at www.prodigy.ventures.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity, and tunl.™ for open banking and customer chat support, coupled with seamless integration of our partners best-of-breed Fintech platforms. Our services business, Prodigy Labs™, integrates and customizes our platforms for unique enterprise customer requirements, and provides technology services for digital identity, open banking, payments and digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2021, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Non-GAAP Financial Measures
Our financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Certain financial measures in this press release are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze operating performance. These non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. Except as otherwise indicated, these non-GAAP measures are calculated and disclosed on a consistent basis from period to period.
Neither TSX Venture Exchange nor its Regulation 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.
SOURCE Prodigy Ventures Inc.
