Boardwalktech Reports Fourth Quarter and Fiscal 2020 Financial Results
Continued Progress to Profitability with 72% Reduction in Net Loss
CUPERTINO, CA, July 22, 2020 /CNW/ - (TSXV: BWLK) (OTCQB: BLWKF) – Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a leading digital ledger platform and enterprise software solutions company, is pleased to report its financial results for the three and twelve-month period ended March 31, 2020. All figures are reported in U.S. dollars, unless otherwise indicated. Boardwalktech's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
"We are very pleased with the progress we made towards profitability during the course of fiscal year 2020, even given the impact of COVID-19 exiting the year. The Boardwalk team substantially increased our sales pipeline, increased our recurring revenue base, recognized $1 million in opex savings, reduced our outstanding debt balance by $1.5 million, and secured over $3 million in financing to support future growth," said Andrew T. Duncan, Chief Executive Officer of Boardwalktech. "While total revenue was marginally down year-over-year reflecting certain older legacy hosting contracts that were converted, and a planned reduction in professional services revenue as more customers are now certified to do this work themselves, revenue from subscription licenses (both new and existing customers) grew 24% compared to last year as more and more large enterprise clients understand the value in having full auditability and detailed insight into day-to-day operations and exchanges with their own vendors and partners."
Mr. Duncan continued, "Our pipeline going into fiscal year 2021 is estimated between $5.5-$6.4 million which is a function of the industry tailwinds we have anticipated over the last few years and is also directly attributable to COVID-19 exposing deficiencies in corporate information management systems which can be resolved and significantly improved using our products. With our pipeline strong and growth capital secured, we anticipate showing profitability within calendar year 2020 which would mark yet another significant milestone for Boardwalktech. Despite the overall economic impact from the COVID-19 pandemic, Boardwalktech remains not simply open for business, but continuing to add value as we closed several new customer deals and expansions since the beginning of March that we anticipate having a material impact on revenue throughout Fiscal Year 2021. Furthermore, we believe our recently launched Network of Words platform can be a significant catalyst for upside growth as we have seen very good, early reception by potentially company-altering prospective clients that understand the enormous value in being able to extract, manage and analyze unstructured data."
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated May 30, 2018. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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