Intouch Insight Announces Q1 2024 Financial Results
By: Sarah Beckett May 16, 2024
OTTAWA – Intouch Insight Ltd, (“Intouch” or “the Company”) (TSXV: INX) (OTCQX: INXSF) a leader in customer experience measurement solutions, today announced financial results for the quarter that ended March 31, 2024.
Key highlights for Q1 2024
- Revenue increased 54% to $7,845,856 compared to $5,096,941 in Q1 2023
- Recurring services revenue increased 26% to $5,242,720 from $4,170,088 in Q1 2023
- SaaS revenues grew 8% organically
- Gross margin increased 25% in Q1 2024 to $3,067,682 from $ 2,457,337
- Lower margin Ardent revenues led to a decline in percentage margin from 48.2% in Q1 2023 to 39.1% in Q1 2024
- EBITDA of $343,843 in Q1 2024 compared to $22,088 Q1 of the prior year
“The use of mystery shopping and customer experience measurement programs appears to be increasing as companies seek information to help them bridge the gap between customer expectations and current levels of customer service. In fact, customer service levels have been a topic of concern since service-based industries came out of the pandemic into a difficult labor market. We are focused on taking advantage of the evolving environment and capturing future organic growth as we work with prospective clients to launch major programs in 2025,” said Cameron Watt, President & Chief Executive Officer of the Company.
“We have shifted some of our focus away from previously announced growth and towards EBITDA and profitability in response to market conditions and expectations. There will be short-term financial pressures as we integrate Alta, adjust the Ardent delivery model, and continue investing to prepare the organization for future growth. We remain committed to managing the business carefully, balancing growth and fiscal diligence,” said Watt.
Consolidated Statements of Operations
| Q1 2024 | Q1 2023 | |
| Revenue | $ 7,845,856 | $ 5,096,941 |
| Cost of services | 4,778,174 | 2,639,604 |
| Gross margin | 3,067,682 | 2,457,337 |
| Total operating expenses | 2,922,632 | 2,690,453 |
| Income from operating activities | 145,050 | (233,116) |
| Non-operating expenses (earnings) | 75,246 | (48,602) |
| Income tax expense (recovery) | - | - |
| Net income (loss) | $ 69,804 | $ (184,514) |
About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America’s most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events, including the acquisition, future revenues and references to the Company’s expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Cathy Smith
Chief Financial Officer
csmith@intouchinsight.com
613-270-7916