Jasper Commerce Reports Fiscal Q3 Financial Results
Jasper reports 50% year over year subscription revenue growth for nine months ended April 30, 2022
VANCOUVER, BC, June 28, 2022 /CNW/ - Jasper Commerce Inc. (TSXV: JPIM) ("Jasper" or the "Company"), a leading provider of Product Information Management ("PIM") solutions, announces its third fiscal quarter (Q3 2022) financial results for the three and nine month periods ended April 30, 2022. Jasper Interactive Studios Inc was acquired by Jasper in a reverse takeover transaction on February 16, 2022, and did a concurrent financing for $6 million. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars.
- Total revenue was $1,306,291 for the nine months ended April 30, 2022 growing 30% year-over-year from $1,007,331 for the nine months ended April 30, 2021. Revenues from subscriptions were up 50% year-on-year to $888,540, compared to $591,570 in 2021. Revenue growth from subscriptions was driven by an increase in Enterprise license sales. Revenue for Q3 2022 was $383,297 versus $335,661 for the three months ended April 30, 2021 (Q3 2021), a 14% year-over-year growth rate.
- Expenses for the nine months ended April 30, 2022 were $8,305,875 versus $2,430,352 for the nine months ended April 30, 2021. Expenses for Q3 2022 were $5,182,937 compared to $1,019,632 in Q3 2021. Listing costs related to the reverse takeover, the fair value of additional shares issued on conversion of debentures to equity, and hiring of new staff and vendor scale up accounted materially for the increase of expenses during Q3 2022. Non-recurring RTO listing costs represented the bulk of these expenses and comprised $2,292,750 in Q3 2022, the fair value of additional shares issued on conversion of debentures to equity, also non-recurring, comprised another $813,988.
- Net loss for the nine months ended April 30, 2022 was $6,999,584, compared to a net loss of $1,423,021 for the nine months ended April 30, 2022. Net loss for Q3 2022 was $4,799,640 versus a $683,971 net loss for Q3 2021. The larger net-loss was largely associated with the go public transaction as well as some increase in expenses for new personnel.
"This quarter we completed our go public transaction and successfully closed a $6 million financing and have been investing in sales and marketing to continue along this growth path," said Jasper CEO Jon Marsella. "I'm pleased with the Company's nine month performance with 50% growth in subscription revenue and am optimistic for our future prospects as we advance discussions with new partners that should open new channels of growth."
"I expect that Jasper will continue the trend of achieving a strong year-over-year organic growth as we apply the use of our new public proceeds towards sales and marketing acceleration, expansion into new marketplaces, channel partnerships, and continued product innovation. I would like to thank all our shareholders and employees for their contributions in bringing Jasper public and look forward to providing further updates on milestones and financial execution."
This news release should be read in conjunction with Jasper's unaudited interim condensed consolidated financial statements and the accompanying notes, as at and for the quarter ended April 30, 2022. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedar.com) and on the Jasper's website at www.jasperpim.com.
Jasper offers a Product Information Management ("PIM") solution that has the objective of empowering eCommerce merchants to manage and merchandise their products from a single source of truth, facilitating them to sell more, sell faster and work smarter. Jasper's PIM is accessible from anywhere via a web-browser and is intended to simplify the process by which online merchants import product data into the PIM. Once uploaded, merchants can add various product data including product attributes, images, videos, marketing information, inventory quantities and price books and efficiently merchandise their products using various features that include, among other things, the ability to adjust product categorization, pricing data and other key metrics. Jasper's PIM also allows for automatic syncing to popular eCommerce storefronts, marketplaces, or other connected channels, whenever new products are added to the PIM.
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.
Investors are cautioned that, except as disclosed in the Filing Statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including statements relating to the final acceptance by the Exchange, the issuance of a final bulletin by the Exchange, the use of proceeds of the Offering and the business plans of the Company. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
SOURCE Jasper Commerce, Inc.
Mike Hodes, CFO, [email protected]; Nik Thadani, Investor Relations, [email protected], (437) 253-7773
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