$IGEN IGEN Announces Second Quarter Results and Growth Drivers Press Release | 08/14/2018
MURRIETA, CA / ACCESSWIRE / August 14, 2018 / IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced financial results for its second quarter ended June 30, 2018.
Second Quarter 2018 and Recent Highlights
Achieved revenue of $317,486, following record first quarter sales of $371,375;
Expanded the subscriber base by 16% from the first quarter, with now more than 44,000 assets monitored as of June 30;
Decreased net loss 55% from the first quarter, to $223,778;
Grew deferred revenue to $653,042, increasing revenue visibility;
Increased current assets to $493,065, an increase of 273% over the first six months;
Continued robust sales with key partners and distribution channels, including Sprint's IoT Factory and automotive dealerships;
Announced a new distribution and marketing agreement with Advantage Parts Solutions, a leader in marketing solutions to franchised automotive dealerships in the US, Canada, and the UK;
Expanded distribution and marketing coverage with new sales offices in Atlanta, Georgia and Dallas, Texas to expand market reach;
Announced agreements for the company's convertible notes to be retired fully in cash by year end, with immediate halting of conversion to shares;
Expanded the company's board of directors with the appointment of Jackie Kimzey as an independent director; and
Completed transition to Amazon Web Services to facilitate growth, scalability, and launch of its next generation platform
CEO Neil Chan stated, "The second quarter continued the strong momentum from our record setting first quarter as IGEN further expanded its subscriber base and developed new sales channels. We continue to work on a number of rapid growth opportunities across our channel relationships, including significant progress with our key partner Sprint. We see not only increasing momentum for our solution in the IoT Factory channel, but also in other solution groups within Sprint's diverse technology oriented organization. Additionally, we signed an exciting new distribution and marketing agreement with Advantage Parts Solutions, a key reseller of aftermarket automotive solutions to dealerships across the US. Advantage also conducts business in the Canadian and UK markets, which may be attractive future expansion opportunities as we continue to grow.
"To support these efforts, we have further expanded our sales and marketing organization, with new sales hires and offices in Atlanta and Dallas, excellent market centers for the automotive marketplace. However, we also continue to maintain a close control on expenses, reducing operating costs by 26% year over year as we focus on building our subscriber base and distribution relationships in a cost efficient manner. As a result of our continued growth and diligent expense controls, net loss declined from $406,000 in the first quarter, to $223,778 in the second quarter. We look forward to continued progress on our key financial metrics as we grow our subscriber base and recurring revenue streams."