MURRIETA, CA / ACCESSWIRE / August 14, 2018 / IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced financial results for its second quarter ended June 30, 2018.
Second Quarter 2018 and Recent Highlights
- Achieved revenue of $317,486, following record first quarter sales of $371,375;
- Expanded the subscriber base by 16% from the first quarter, with now more than 44,000 assets monitored as of June 30;
- Decreased net loss 55% from the first quarter, to $223,778;
- Grew deferred revenue to $653,042, increasing revenue visibility;
- Increased current assets to $493,065, an increase of 273% over the first six months;
- Continued robust sales with key partners and distribution channels, including Sprint's IoT Factory and automotive dealerships;
- Announced a new distribution and marketing agreement with Advantage Parts Solutions, a leader in marketing solutions to franchised automotive dealerships in the US, Canada, and the UK;
- Expanded distribution and marketing coverage with new sales offices in Atlanta, Georgia and Dallas, Texas to expand market reach;
- Announced agreements for the company's convertible notes to be retired fully in cash by year end, with immediate halting of conversion to shares;
- Expanded the company's board of directors with the appointment of Jackie Kimzey as an independent director; and
- Completed transition to Amazon Web Services to facilitate growth, scalability, and launch of its next generation platform
CEO Neil Chan stated, "The second quarter continued the strong momentum from our record setting first quarter as IGEN further expanded its subscriber base and developed new sales channels. We continue to work on a number of rapid growth opportunities across our channel relationships, including significant progress with our key partner Sprint. We see not only increasing momentum for our solution in the IoT Factory channel, but also in other solution groups within Sprint's diverse technology oriented organization. Additionally, we signed an exciting new distribution and marketing agreement with Advantage Parts Solutions, a key reseller of aftermarket automotive solutions to dealerships across the US. Advantage also conducts business in the Canadian and UK markets, which may be attractive future expansion opportunities as we continue to grow.
"To support these efforts, we have further expanded our sales and marketing organization, with new sales hires and offices in Atlanta and Dallas, excellent market centers for the automotive marketplace. However, we also continue to maintain a close control on expenses, reducing operating costs by 26% year over year as we focus on building our subscriber base and distribution relationships in a cost efficient manner. As a result of our continued growth and diligent expense controls, net loss declined from $406,000 in the first quarter, to $223,778 in the second quarter. We look forward to continued progress on our key financial metrics as we grow our subscriber base and recurring revenue streams."
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time updates on asset health and Driver Behavior.
IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit http://igen-networks.com and www.NimboTracking.com.
Forward-Looking Statements
This news release may contain forward-looking statements or forward looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN's expectations regarding its business, customer base, strategy and prospects, and IGEN's confidence in the cash flow generation of its business. Many factors could cause IGEN's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN's reliance on key personnel; IGEN's ability to maintain and enhance its brand; and difficulties in forecasting IGEN's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading "Risk Factors" in IGEN's periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN's forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact
Matt Kreps
Darrow Associates, Inc.
214-597-8200
[email protected]
IGEN Networks Corporation
Neil Chan
1(844)332-5699
SOURCE: IGEN Networks Corporation