(TSXV-PGV)
TORONTO, Nov. 18,
2022 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV)
("Prodigy" or the "Company") today announced its financial results
for the three and nine months ended September 30, 2022.
Third Quarter 2022 Financial Results
- Revenue for the three months ended September 30, 2022 totalled $3,409,267 as compared to $3,403,466 for the three months ended
September 30, 2021, an increase of
0.2%.
- Gross profit for the three months ended September 30, 2022 of $1,067,121 as compared to $1,065,487 for the three months ended
September 30, 2021, an increase of
0.2%.
- Expenses for the three months ended September 30, 2022 of $1,449,127 as compared to $1,460,125 for the three months ended
September 30, 2021, a decrease of
1%.
- Net loss for the three months ended September 30, 2022 totalled $434,705 as compared to net loss of $390,979 for the three months ended September 30, 2021.
- Adjusted EBITDA for the three months ended September 30, 2022 totalled negative $188,312 as compared to negative $166,341 for the three months ended September 30, 2021.
- The Company had working capital of $2,380,555 as of September
30, 2022 compared to $3,143,145 as of December
31, 2021.
Year-to-Date 2022 Financial Results
- Revenue for the nine months ended September 30, 2022 totalled $10,241,967 as compared to $9,977,459 for the nine months ended September 30, 2021, an increase of 3%.
- Gross profit for the nine months ended September 30, 2022 of $3,322,631 as compared to $2,848,104 for the nine months ended September 30, 2021, an increase of 17%.
- Expenses for the nine months ended September 30, 2022 of $6,862,901 as compared to $3,304,039 for the nine months ended September 30, 2021, an increase of 108%. This
includes a non-cash impairment loss of $2,578,001 in the second quarter of 2022.
- Net loss for the nine months ended September 30, 2022 totalled $3,518,272 as compared to net loss of
$455,372 for the nine months ended
September 30, 2021.
- Adjusted EBITDA for the nine months ended September 30, 2022 totalled negative $222,402 as compared to negative $44,523 for the nine months ended September 30, 2021.
|
Three months
ended
September 30
|
Nine months
ended
September 30
|
|
2022
$
|
2021
$
|
2022
$
|
2021
$
|
|
|
|
|
|
|
Revenue
|
3,409,267
|
3,403,466
|
10,241,967
|
9,977,459
|
|
Gross
Profit
|
1,067,121
|
1,065,487
|
3,322,631
|
2,848,104
|
|
Expenses
|
1,449,127
|
1,460,125
|
6,862,901
|
3,304,039
|
|
Net and
comprehensive (loss) for the period
|
(434,705)
|
(390,979)
|
(3,518,272)
|
(455,372)
|
|
|
|
|
|
|
Net (loss) per share
– basic and diluted
|
(0.00)
|
(0.00)
|
(0.02)
|
(0.00)
|
|
Adjusted
EBITDA(1)
|
(188,312)
|
(166,341)
|
(222,402)
|
(44,523)
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is a
non-IFRS financial measure, which is defined as earnings before
income tax expense, finance costs, depreciation and amortization,
impairment loss 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-IFRS financial measures including a quantitative
reconciliation of Adjusted EBITDA, please see the Company's
Management's Discussion and Analysis for the three and nine months
ended September 30, 2022 under the heading "Non-IFRS 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 nine months
ended September 30, 2022, 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-IFRS 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
IFRS. These non-IFRS financial measures are included because
management uses the information to analyze operating performance.
These non-IFRS 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-IFRS 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.