Lytx Achieved 65% Increase in New Subscriptions in Q1, Selling More Than 100,000 Subscriptions
The growth follows record results from 2021, when Lytx doubled year-over-year sales of new subscriptions while maintaining strong profitability.
SAN DIEGO, May 9, 2022 /PRNewswire/ -- Lytx® Inc., a global leader in fleet management solutions, today announced a 65% year-over-year increase in subscription sales in the first quarter of 2022, fueled by unprecedented demand from enterprise fleets and third-party resellers for its best-in-class video telematics solutions. The results build on the momentum achieved in 2021, when the company more than doubled sales of new subscriptions, delivering record growth and record revenue, while maintaining healthy profitability.
The company sold more than 100,000 subscriptions in the first quarter this year, due largely to significant orders from enterprise fleets and from global resellers drawn by Lytx's best-in-class video telematics suite of products and services.
"Today, more than 24 years after Lytx pioneered video telematics, this technology is now considered an essential part of fleet management," said Brandon Nixon, Chairman and CEO of Lytx. "It wasn't that long ago when we celebrated winning 100,000 new subscriptions in an entire year. Now, we're seeing that volume in a quarter, which is driving unprecedented growth in our business.
"Looking ahead, our strategy is to further extend our global leadership by driving adoption of the Lytx platform via the twin engines of our direct and indirect businesses. With a network of 88 resellers across more than 60 countries leveraging our Surfsightä technology, we are poised to capture a substantial portion of a large and growing demand for world-class video as a critical part of all-in-one fleet solutions."
Notable Business Achievements
Lytx introduced several innovations in the first quarter of 2022, including:
"Listening to, and actively collaborating with, our customers ensures that we are developing solutions to address their most complex challengesgreen and unmet needs," said Rajesh Rudraradhya, Lytx's Chief Technology Officer. "This is critical to advancing our position as the experts and leaders in our industry. We are pioneering the next-generation platform for fleet management solutions to protect fleets and drivers, and further increase efficiencies."
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SOURCE Lytx, Inc.