NamSys Reports Strong First Quarter Results with 17.6% Revenue Growth and Improved Profit Margin

TORONTO, March 29, 2023 /CNW/ - NamSys Inc. (TSXV: CTZ), a leading provider of technology for cash processing and transportation, today announced its financial results for the first quarter of fiscal 2023 ended January 31st. The company reported a robust 17.6% increase in revenue to $1,497,364, compared to $1,273,041 for the same period last year. Net income for the quarter rose 30% to $290,678 ($0.01 per share) from $328,890 ($0.01 per share) in the first quarter of last year.

A key highlight of this quarter's financial results is the improvement in the company's gross profit margin, which increased to 60.9% from 54.1% in the comparable quarter. This improvement can be attributed to the company's successful optimization of cloud hosting costs.

NamSys also reported strong growth in markets outside the U.S. and Canada, with international business growing 29% from the same period last year. The company remains committed to pursuing opportunities outside of North America.

In addition, the company's recurring revenue model continues to be highly effective, with 99.1% of its revenue generated from recurring sources and a 0% churn rate during the quarter. This stability underscores the value that customers place on NamSys' solutions and the company's ability to maintain strong relationships with its client base.

"Our first-quarter results demonstrate the continued momentum of our growth strategy and our ability to deliver value to both new and existing customers," said Jason Siemens, President & CEO of NamSys. "And the improvements in our gross profit margin is a testament to how the team can scale the business while keeping an eye on the bottom line".

Jason Siemens
Chief Executive Officer

The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.

SOURCE NamSys Inc.

Jason Siemens, Chief Executive Officer, [phone]