AnalytixInsight Reports Third Quarter 2022 Financial Results
AnalytixInsight Inc. ("AnalytixInsight", or the "Company") (TSX-V: ALY), a financial content and enterprise software solutions provider, reports its financial results for the third quarter ended September 30, 2022, including that of MarketWall, the Company's 49%-owned FinTech affiliate.
Recent Key Highlights:
Q3 2022 Key Financial Highlights:
"We are pleased with the progress made during the third quarter as we aim to scale and monetize our suite of novel fintech and financial data solutions," commented Prakash Hariharan, Chairman and CEO. "Momentum continues to build, as indicated by a deepening of our industry-leading client base, revenue growth is accelerating, and the inherent profitability of our business model becomes visible as we continue our growth."
InvestoPro has entered a definitive agreement with Samsung Electronics Italia S.p.A. effective November 1, 2022, to profile the InvestoPro digital trading platform to Samsung users in Italy. Samsung will profile the InvestoPro financial platform on Samsung's Quick Access, the start page of the Samsung Internet Browser. Samsung has millions of monthly active Samsung Internet users who utilize Quick Access, which profiles clickable icons for leading brands to users each time they use their browser and allows users to easily reach partner websites.
InvestoPro has launched InvestoPro Go, a new trading pp version of the InvestoPro platform specifically designed for Samsung devices that features no fixed costs, competitive trading fees, and news reports tailored for Samsung users.
InvestoPro and Samsung have also entered a non-binding memorandum of understanding ("MOU") pursuant to which Samsung has agreed to recommend InvestoPro to its users as an exclusive digital trading app as part of its App Installer. The App Installer guides users during their first device power on procedure and presents recommended apps in popular, useful, and fun categories. App recommendations can be targeted based on age and gender and can easily be downloaded by tapping the download button. Subsequently, AnalytixInsight will now also plan expanded InvestoPro European distribution in Spain, Germany, France, and the UK.
During the quarter, the Company continued to develop sentiment analysis tools to measure and score unstructured data elements that influence stock price movements. These unstructured data elements include social media sentiment analysis, short interest scores, business relationship insights, news sentiment, and unique sentiment-driven ESG scores. This is in accordance with the Company's plan to build unique and disruptive AI and machine learning tools for the capital markets and wealth management industries to evaluate the recent proliferation of sentiment-driven trading and asymmetric behavioural responses to information flows, particularly that of social media.
The Company published 8,189 CapitalCube company research reports during the quarter under the Refinitiv AI-driven research initiative. Approximately 67,000 company research reports have been published under this initiative since its beginnings in October 2018. The Company believes its ability to generate machine-created research reports and AI-based fundamental financial analysis on virtually all publicly traded companies worldwide is a market differentiator for trading platforms within the industry, wherein both regulators and platform providers are seeking tools to automate the alignment of trading permissions that are matched with the investor's risk appetite.
During the quarter, GEMINA platform enhancements were continued for an institution that, when complete, the Company expects will be the third European financial institution to license the GEMINA platform and become GEMINA's largest client under a multi-year license agreement. GEMINA is a multi-device trading platform for banks and brokers which powers InvestoPro and Morningstar Global Market.
AnalytixInsight's Workforce Management division, Euclides Technologies, advanced a new business relationship during the quarter with a leading field service solutions provider which the Company anticipates will contribute a pipeline of projects expected to generate increasing revenue continuing into 2023. Euclides Technologies is also advancing the development of zero-touch workforce management modules with data analytics and machine learning algorithms. The Company is undergoing a strategic review of this division considering the Company's increasing focus within the FinTech industry and expects this new business relationship and new product development to improve the business value of this division.
Complete details of the Company's financial and operating results are available under the Company's profile at www.SEDAR.com.
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight is a data analytics and enterprise software solutions provider to world-leading institutions across various industries. AnalytixInsight develops and markets cloud-based platforms providing financial content, stock trading, and research solutions for banks, brokers and investors in the financial services industry. AnalytixInsight holds a 49% interest in MarketWall, a developer of FinTech solutions for financial institutions. Visit AnalytixInsight.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Company's business operations and objectives, particularly respecting Samsung's anticipated InvestoPro profile and recommendation and the Company's plans for expanded European distribution; the Company's ability to build disruptive AI and machine learning tools; the completion and size of a GEMINA licensing agreement with a third European financial institution; the Company's strategic review of its Workforce Management division which includes the revenue, business relationship and product development expectations of this division; the impact of sentiment analysis tools developed by the Company; Morningstar's anticipated future use of MarketWall's technology platform; and the Company's future performance. Generally, forward-looking information 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company's technology and revenue generation; risks associated with operation in the technology sector; the Company's ability to successfully integrate new technologies and employees; foreign operations risks; Samsung's willingness and ability to profile and recommend InvestoPro to its users in accordance with the definitive agreement and MOU; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE 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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