Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) today announced financial results for the fourth quarter and fiscal year ended November 30, 2017.
“We made tremendous progress in fiscal 2017 towards establishing Glance Pay as a mobile payment system that offers unique benefits to both merchants and consumers. We expanded our footprint into new locations and verticals, began working on a rewards based cryptocurrency, and raised the capital to fund our growth,” said Glance CEO Desmond Griffin. “We are very excited about the opportunities ahead as we continue to advance our technology roadmap and execute on our vision.”
Fiscal 2017 Financial Highlights:
- Revenue of $1,070k increased 132,723% from $8k in fiscal 2016.
- Operating expenses of $10,427k increased 383% from $2,158k in 2016, with expenses growing in most categories as business activity ramped. Most notable was a $4,458k increase in sales & marketing, and a $2,948k increase in stock option-based payments, a non-cash expense driven in part by the high stock price at November 30, 2017.
- Loss from operations was $9,356k, or $(0.12) per share, increased 351% compared to $2,150k, or $(0.04) per share, in fiscal 2016.
- $18.2 million raised in equity financing during the fiscal 2017. This figure does not include approximately $11.05 million of gross proceeds raised through a brokered bought deal financing in December 2017.
- As at November 30, 2017, the Company had $10,294k of cash ($361k a year earlier), no debt ($nil in 2016) and a positive working capital position of $9,803k ($323k in 2016).
Fourth Quarter 2017 Financial Highlights:
- Revenue of $687k in Q4 2017 compared to $240k in Q3 2017, and $7k in Q4 2016.
- Net loss of $5,863k in Q4 2017, representing $(0.08) per share or $(0.04) diluted, compared to $1,032k in Q4 2016, representing $(0.02) per share or $(0.01) diluted.
Fiscal 2017 Operating Highlights:
- More than doubled the number of signed merchants to 282, from 130 at the end of 2016.
- Upgraded the mobile payment application features for a more enhanced customer experience.
- Diversified market space into the retail and services industry, demonstrating agility to serve more markets.
- Initiated a blockchain strategy to deliver, among other applications, a rewards-based cryptocurrency.
- Launched Glance Dollars, a form of credit that can be distributed to app users for compensation (referrals) or for promotions and competitions.
- Launched Merchant Dollars, an in-app digital coupon which is specific to a particular restaurant for a specific time period, enabling business and merchant partners to do promotional events without effort.
- Targeted new vertical markets through licensing agreements signed with Cannapay Financial Inc., Active Pay Distribution Inc., and Euro Asia Pay Holdings Inc.
The Company’s complete financial results for fiscal 2017 are available in its audited annual financial statements and annual management’s discussion and analysis for the year ended November 30, 2017, each of which have been filed with Canadian securities regulators at www.sedar.com.
Management intends to pursue a number of technology, product and marketing initiatives to continue to drive growth in fiscal 2018. The Company’s strategic priorities include:
- Growing monthly recurring revenue by continuously adding new merchants and consumers.
- Accelerating the roll-out to merchants through a new downloadable merchant app that enables merchants to quickly set up Glance Pay on their own devices.
- Building a rewards-based cryptocurrency platform using blockchain technology to allow merchants to reward and incentivize their customers.
- Leveraging the Company’s superior anti-fraud technology to expand into online purchases, e-commerce and other markets.
- Broadening Glance Pay’s geographic footprint across more North American cities, building on its existing presence across Canada and its recent launch in California.
- Working with licensing partners to expand into new vertical markets.
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standards.
Sponsored Content Release
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.