AnalytixInsight Reports Second Quarter 2023 Financial Results and MarketWall Continued Profitability
Artificial Intelligence company, AnalytixInsight Inc. ("AnalytixInsight", or the "Company") (TSX-V: ALY), a financial content and enterprise software solutions provider, reports its financial results for the second quarter ended June 30, 2023, and provides a corporate update including that of MarketWall, the Company's 49%-owned fintech affiliate. MarketWall continued its growth trajectory, increasing revenue by 108% to $5,556,395 and reporting net profit of $1,614,612 in its strongest period to date.
Key Business Highlights:
Q2 2023 Key Financial Highlights:
AnalytixInsight's ownership of MarketWall is 49% and thus MarketWall is not consolidated in AnalytixInsight's financial results. MarketWall's financial results include the consolidation of its wholly owned subsidiary InvestoPro.
"These second quarter results demonstrate the continued positive impact that MarketWall is having on our business," commented Prakash Hariharan, Chairman and CEO of AnalytixInsight. "MarketWall continued to post strong financial results in Q2, which positions us on a strong pathway toward profitability and growth for the business. InvestoPro's AUC and customer on-boarding also grew during the quarter, boosted by continued marketing efforts, its Samsung partnership, and continued retail user interest in its unique product offerings. Additionally, we are focused on continuously improving our CapitalCube product, in terms of both AI functionalities and algorithms as well as its effectiveness for our retail and institutional customers."
InvestoPro is the digital online stock trading platform launched by AnalytixInsight, MarketWall, and Intesa Sanpaolo through MarketWall's wholly owned subsidiary, InvestoPro SIM S.p.A. InvestoPro SIM S.p.A. has developed its leadingedge platform, trade execution functions, and user applications in partnership with Intesa Sanpaolo.
InvestoPro EVO has been developed as a comprehensive multi-device trading platform (e.g., mobile, wearables, smart-TV) that offers online stock trading and fintech-enabled services combined with research and financial education.
InvestoPro GO has been developed as a simplified version that has been purposefully designed for Samsung users in conjunction with InvestoPro's agreement with Samsung Electronics Italia.
InvestoPro & Samsung
InvestoPro SIM S.p.A. entered into an agreement with Samsung Electronics Italia in November 2022, pursuant to which Samsung agreed to profile the InvestoPro trading 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.
Under the Company's Refinitiv AI-driven research initiative, CapitalCube published 6,979 company research reports during the second quarter of 2023. Approximately 91,979 research reports have been published in 40 countries under the Refinitiv initiative since 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 we see both regulators and platform providers are seeking tools to automate the alignment of trading permissions that are matched with the investor's risk appetite.
AnalytixInsight's workforce management division, Euclides Technologies, plans to expand its customer base through 2023 as institutions continue to deploy additional capital to augment their data and workforce management infrastructure. The recognition of these into revenues has been delayed due to customer deferrals of the implementation of their FSM modules as a part of their capital allocation programs for the quarter. Euclides 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 InvestoPro's AUC and customer growth; the Company's ability to build sentiment analysis tools, improve CapitalCube's products and to become profitable and grow; Euclides Technologies' ability to expand its customer base, develop and launch workforce management modules and generate revenue; the ability and desire of third party companies to implement FSM modules and utilize Euclides Technologies' products; 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 and its subsidiaries, and MarketWall and InvestoPro, 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 and Intesa Sanpaolo's willingness and ability of third parties to profile and recommend the products and services of the Company and its subsidiaries, and MarketWall and InvestoPro to their customers; 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.
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