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iCoreConnect Inc. Q1 2022 Results Continue the Company's Revenue GrowthOCOEE, FL, May 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a market leading cloud-based, SaaS software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services, announces its Q1 2022 quarterly results. iCoreConnect continues to build off its 2021 results delivering $2M of revenue for the quarter ended March 31, 2022 versus $0.7M for the comparative period of 2021, a 285% rate of growth. Highlights
The continued penetration of the company’s SaaS softwae solutions contributed to the increase in Annual Recurring Revenues (ARR) growing to $1.9MM from $0.6M. Subscriptions to iCoreExchange, iCoreVerify, iCoreHuddle and iCoreHuddle+, iCoreCodeGenius, iCoreCloud, and iCoreIT (MSaaS) substantially increased. Subscribers grew by 227% to approximately 25,000 recurring subscribers at March 31, 2022 from approximately 11,000 at the end March of 2021. The company improved its earnings before interest, taxes, depreciation and amortization by $107K comparatively quarter on quarter narrowing its loss to $285K compared to $392K. This was a result of improved margins, which grew by 3% comparatively quarter on quarter as well as reduced selling, general and administrative expenses down as a percentage of revenues to 95% from 121% quarter on quarter. About iCoreConnect Forward Looking Statements Contact: [email protected] Archit Shah |