Rekaim achieves consistent first-quarter
revenue along with improved gross margins and cash flow
NEW
YORK, May 31, 2024 /CNW/ - Reklaim, (TSXV:
MYID) (OTC: MYIDF) ("Reklaim"), the leading platform
empowering consumers to access and reclaim their data, announces
its 2024 first-quarter results for the period ending March 31, 2024.
Key Highlights from Reklaim's Q1-2024 Performance:
- Gross margins improved to 82%, up from 71% in Q1 2023.
- Positive cash flow from operations of $463,645, an increase of $595,814 over Q1 2023.
- The company's cash position rose to $554,618 as of March 31,
2024, compared to $57,806 on
March 31, 2023..
Reklaim announces a strong financial performance for the first
quarter of 2024, showcasing consistent revenue in line with
expectations and significant improvements in key financial
metrics.
The company has seen substantial growth in its "Deals" revenue
stream, highlighting a strategic evolution in its business model
where Reklaim data is paired with publisher inventory in a
vertically integrated buy. This diversification not only
strengthens Reklaim's revenue base but also positions the company
for accelerated growth moving forward.
Improved gross margins are a testament to Reklaim's effective
cost controls and operational efficiencies, demonstrating the
company's commitment to prudent financial management and
sustainable growth. These enhancements reflect Reklaim's ability to
navigate and succeed in a dynamic market environment.
Founder & CEO Neil Sweeney
commented on the first-quarter results, expressing confidence in
Reklaim's strategic direction and operational achievements. "Our
focus on enhancing operational efficiencies and cost controls has
significantly improved our financial performance. We remain
committed to empowering consumers to reclaim their data and driving
innovation in our platform to serve our users and stakeholders
better. We continue to uphold our goals of growth and profitability
in 2024."
Full financial results, reported in CAD dollars, and
Management's Discussion and Analysis are posted to SEDAR
(www.sedar.com) and on the Company's investor relations website:
investors.reklaimyours.com.
Additional Corporate News
The Company is pleased to announce the appointment of
Dean Wood as its new Chief Financial
Officer. He will succeed Ira Levy,
who is departing to explore new opportunities. Ira will help
facilitate a smooth transition, ensuring continuity at Rekaim. The
company extends its best wishes to Ira in his future endeavors and
expresses our gratitude for his dedicated service to the
company.
About Reklaim
Reklaim is committed to navigating the evolving landscape of
consumer data privacy. We provide compliant, zero-party data
solutions to Fortune 500 brands, platforms, and data companies. Our
platform empowers consumers to reclaim control over their data,
enabling them to view and manage information collected with direct
authorization. Moreover, users can be compensated for their data
through a Reklaim account. Discover more about Reklaim at
https://investors.reklaimyours.com.
Other Corporation Updates
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking statements and
other statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will," "may,"
"should," "anticipate," "expects," and similar expressions. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
the closing of the Debt Settlement and TSXV approval of the Debt
Settlement, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations are risks detailed from time to time in
the filings made by the Company with securities regulators.
The reader is cautioned that assumptions in preparing
forward-looking information may prove incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted due to numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. As a result, the Company cannot guarantee
that any forward-looking statement will materialize, and the reader
is cautioned not to place undue reliance on any forward-looking
information. Although considered reasonable by management during
preparation, such information may prove incorrect, and actual
results may differ materially from those anticipated. This
cautionary statement expressly qualifies forward-looking statements
contained in this news release. The forward-looking statements in
this news release are made as of the date of this news release. The
Company will only update or revise any included forward-looking
statements as expressly required by Canadian securities
law.
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SOURCE Reklaim Ltd.