INEO is hosting an investor webinar to discuss its quarterly results onNovember 30, 2023 at9:00 am PT (12:00 pm ET )
Fiscal First Quarter 2024 Financial Highlights:
INEO generated$365,931 of revenue for the three months endedSeptember 30, 2023 , as compared to revenue of$416,086 for the three months endedSeptember 30, 2022 . The change in revenue was mainly due to the strategic focus of dedicating resources to expand the INEO Media Network, sign media partners and de-emphasize the sale of Loss Prevention Products.INEO generated gross profit for the three months endedSeptember 30, 2023 , of$143,735 , as compared to gross profit of$207,646 for the quarter endedSeptember 30, 2022 . The Company attributes the decrease in gross profit to the declining margin of INEO Loss Prevention Products and Fabrication Operation.INEO achieved gross margin percentage of 39.3% for the three months endedSeptember 30, 2023 , compared to gross margin percentage of 49.9% for the quarter endedSeptember 30, 2022 .- Net loss for the three months ended
September 30, 2023 was$750,540 or$0.01 per share compared to net loss of$590,614 or$0.01 per share for the three months endedSeptember 30, 2022 . - Adjusted EBITDA loss for the three months ended
September 30, 2023 was$551,027 , compared to Adjusted EBITDA loss of$512,286 for the three months endedSeptember 30, 2022 . INEO had$232,626 of cash and cash equivalents atSeptember 30, 2023 , compared to$362,510 of cash and cash equivalents atJune 30, 2023 .- As at
March 31, 2023 , the Company had 76,143,709 shares issued and outstanding.
Fiscal First Quarter 2024 Business Highlights:
- On
September 19, 2023 , the Company signed an updated commercial agreement with its large national retail and regional liquor store network locations. The updated contracts feature 5-year and 6-year contract lengths, exclusive in-store advertising rights, deployment of additional in-store media screens, the right to assign the ownership of the INEO Welcoming System hardware deployed in the retail stores and the right to assign ownership ofINEO's exclusive advertising contracts to a third-party media partner. The updated agreements are expected to position the Company for rapid growth and improved margins. - On
September 27, 2023 , the Company introduced INEO ORCA. ORCA, which stands for Organized Retail Crime Alerts, isINEO's latest AI-driven solution and it represents a monumental leap forward in security and crime prevention. By leveraging advanced computer vision and machine learning algorithms, the latest feature of the patented INEO Welcoming System can meticulously analyze stored CCTV footage, captured during loss prevention events, enabling it to detect and recognize patterns associated with organized retail criminal activities.
Events Subsequent to
- On
October 24, 2023 , the Company announced the first shipment of INEO Welcoming Systems, as per the Company's distribution agreement with partner Prosegur Security, for installation at various locations of Jumbo Cencosud in Columbia. As per the agreement, before the end of October, the Company will be selling and shipping a total of 59 systems, comprised of both Welcoming Systems and Welcoming GATEs, which will be installed in four Jumbo retail locations. With approximately 15 systems installed per store, the Company will be managing an immersive in-store retail media network. In addition, it will receive revenue from the sale of the systems as well as ongoing SaaS-based revenues from the deployment of the installed INEO Welcoming Systems.
Outlook:
- Increase revenues through the deployment and expansion of the INEO Media Network to
INEO's leading retail customers. - Support
Prosegur with its growth and initiatives with key retailers across the globe, including converting large retail customers from trialing the Welcoming System to fully contracted customer roll-outs. - Leverage
INEO's updated contract agreements to expand the business faster while optimizing capital allocation, to significantly reduce cash needs and expenditures while generating increased revenues and cash flows through the monetization of customer contracts.
Advertising and AI driven analytics are becoming increasingly important in the modern retail environment as retailers continue to invest in retail technology to improve the customer experience.
Webinar Details:
The Company will hold a webinar to discuss its results and provide an outlook on the business, on
Webinar Registration: | https://bit.ly/INEO-Q1-2024 |
Date: | |
Time: | |
Dial-in: | 778-907-2071 ( |
647-374-4685 ( | |
Confirmation #: | 861 3022 6874 |
Select Financial Highlights:
The following table highlights operational information for the three months ended
1 See the section Reconciliation of Net Loss to Adjusted EBITDA |
Footnotes:
- Readers are cautioned that Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and Stock Compensation), does not have standardized meanings prescribed by IFRS and is considered a non-IFRS measure. Adjusted EBITDA is a useful supplemental measure of the Company's performance prior to consideration of how operations are financed or how results are taxed or how depreciation and amortization affects results. Adjusted EBITDA is not intended to represent net earnings calculated in accordance with IFRS.
On behalf of the Board of Directors
Kyle Hall, CEO,
About
For more information please visit: | |
Website: | www.ineosolutionsinc.com |
LinkedIn: | www.linkedin.com/company/ineosolutions |
Facebook: | www.facebook.com/ineosolutionsinc |
Instagram: | www.instagram.com/ineosolutionsinc |
Twitter: | www.twitter.com/INEOsolutions |
Forward-Looking Statements
Investors are cautioned that, except as disclosed in the disclosure document, any information released or received with respect to the Company may not be accurate or complete and should not be relied upon. Trading in securities of the Company should be considered highly speculative.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, acceptance of the Company's products, competition, and general market conditions – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed on SEDAR, including the Annual Information Form for the year ended
Neither the
View original content to download multimedia:https://www.prnewswire.com/news-releases/ineo-announces-fiscal-first-quarter-2024-financial-results-302000496.html
SOURCE
© Canada Newswire, source