November 9, 2021: Vancouver, BC – Tracesafe Inc., (“TraceSafe”) (CSE: TSF) a global leader in location-aware Internet of Things (IoT) platforms for large-scale industrial and enterprise operations, announced today it will recognize $5.96 million USD in revenue for Q3, 2021, breaking all previous revenue records to date.
“We witnessed phenomenal growth this year. Along with becoming profitable in the third quarter, we recorded our highest revenue since inception,” said Wayne Lloyd, TraceSafe CEO. “We made a strong impact with products that empower businesses and respond to the evolving needs of our customers. These results, fuelled by new verticals and repeat business from multiple clients, cement our position as one of the most innovative providers of IoT based solutions.
“Our goal is to empower organizations with insights captured from data across the environment and their operations,” continued Wayne. “Customers are increasingly looking to run their businesses in ways that are both profitable and sustainable. We believe that we can help organizations of all sizes and geographies achieve this goal through an end-to-end technology platform for a more sustainable future.”
Third quarter 2021 financial highlights:
- Record-breaking Q3 revenue of $5.96 million USD, up 5.5x over the same quarter last year (Q3 2020), with gross profit of $2.5 million USD (42% gross margin). For the similar period last year (Q3 2020), gross profit was $448K (41% gross margin);
- Nine-month gross revenue ending September 30, 2021 was $10.65 million, with a gross profit of $3.06 million (29% gross margin);
- Diluted Earnings per share was $0.03 versus a loss per share of ($0.02) for the similar period last year (Q3 2020).
- Significant revenue recognition came in Q3, and we anticipate FY21 to be 3.7x higher compared to FY20.
Third quarter 2021 business highlights:
- In addition to deployments mentioned in the MD&A report, such as the Security Prowling Audit Solution in Singapore and Malaysia, TraceSafe successfully implemented its on-premise platform with innovative failover clusters across nine client servers. This expands support for customers with enhanced data sovereignty requirements, like national governments, European Union states, and industries with low-connectivity environments such as remote mining operations and construction.
- Operations were further expanded in the APAC region with the opening of a TraceSafe location in Tokyo, Japan.
- The milestone achievement of accumulated sales of over one million IoT devices.
- In collaboration with Royal Caribbean International, TraceSafe developed custom wearable devices and bands, which are equipped with long-lasting batteries and RFID modules.
- In partnership with TELUS, TraceSafe provided the technology for contact tracing and quarantine solutions at the Women’s World Hockey Championship in Calgary, Alberta.
- TraceSafe expanded access to common shares for international investors due to eligibility for electronic clearing and settlement through the Depository Trust Company in the United States.
The company anticipates that Q3 financials will be filed on SEDAR before November 10, 2021. The same report can be found on the company’s website under tracesafe.io/investors.
The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.
Statements in this news release may contain forward-looking statements that are based on TraceSafe’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of COVID-19 and solutions adopted in response to the virus, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments reopen, competition, the spread or containment of COVID-19 and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
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