TraceSafe Announces First Quarter 2022 Financials; Continues To Strengthen Product Offering and Focus on New Carbon Vertical
June 9, 2022: Vancouver, BC – Tracesafe Inc., (“TraceSafe”) (CSE: TSF) a global leader in location-aware Internet of Things (IoT) platforms for large-scale industrial and enterprise operations, announced today it has recognized $1.3M USD in revenue for Q1, 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. “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.”
First quarter 2022 financial highlights:
- Service income revenue of $0.8M USD grew 84% over the similar period in the prior year.
- As a result of the growth in higher margin revenue stream, gross profit of $0.9M USD grew 481% over the similar period in the prior year.
- Due to continuous cost containment efforts, operating expenses of $2.7M USD decreased by 32% over the similar period in the prior year.
- As a result of the above, we decreased our operating loss of $1.9M by 52% over the similar period in the prior year. Similarly, our net loss of $1.8M decreased by 55% over the similar period in the prior year.
First quarter 2022 business highlights:
- Secured $3.2M USD in financing to accelerate growth. This will pave the way for executing on larger value creating products and milestones for customers and shareholders.
- Announced strategic focus on decarbonization-as-a-service platform to help organizations measure their carbon footprint and mitigate emerging compliance risks
- Achieved patent for position tracking system. This technology allows for location-aware IoT devices to function accurately with reduced power consumption.
- Created the Tablio device which entered the smart hospitality and healthcare industry connecting the communication workflow and enterprise ecosystem.
The company filed Q1 financials on SEDAR on May 30, 2022. The same report can be found on the company’s website under tracesafe.io/investors.
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. TraceSafe’s leading cloud management solution ensures both user privacy and comprehensive administrative control. TraceSafe’s patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government, and large-scale venue management.
Wayne Lloyd, CEO
+1 (604) 629-9975
Mark Leung, CFO
+1 (778) 655-4242
Statements in this news release may contain forward-looking statements that are based on TraceSafe’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of COVID-19 and solutions adopted in response to the virus, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments reopen, competition, the spread or containment of COVID-19 and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
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