FINANCIAL RESULTS
– The Company Continues to See Growth in Both Revenues per Client and Recurring Revenue –
Toronto, Ont. – May 20, 2015 – UpSnap Inc. (CSE: UP) (“UpSnap” or the “Company”), a leading provider of mobile advertising solutions, today announced its first quarter (Q1) financial results for the three month period ended March 31, 2015.
“We are delighted to report another quarter of strong revenue growth, while managing our operating expenses,” said Bruce Howard, CEO of UpSnap. “Our focus continues to be on growing our top line mobile advertising revenue aggressively while expanding our existing and high retention subscriber base that provides the Company with predictable recurring revenues. Also, we continue to work on advancing our technology to offer our clients superior value and excellent results. We strongly believe that we have tapped into an underserved market by catering to small and medium size businesses. As a result, our focus for 2015 is to continue expanding into this market, while continuing to leverage our growing reseller networks.”
First Quarter Financial Highlights
- Total operating revenue grew by 33.1% to $1.39 million for Q1 2015, compared to $1.04 million for Q1 2014.
- Mobile advertising revenue grew by 66.5% to $1.18 million for Q1 2015, compared to $0.71 million in Q1 2014.
- As a percentage of total revenue, recurring revenue was 23.1% in Q1 2015 compared to nil in Q1 2014 and 18.3% in Q4 2014.
- Total operating cost was reduced by 12.7% to $1.72 million for Q1 2015, compared to $1.96 million in Q1 2014.
- Loss from operations was reduced by 64.5% to $0.33 million for Q1 2015, compared to $0.92 million in Q1 2014.
- Net loss and comprehensive loss was reduced by 46.6% to $0.36 million for Q1 2015, compared to $0.67 million in Q1 2014.
- Basic and diluted loss per share of $0.00 in Q1 2015, compared to loss per share of $0.01 in Q1 2014.