AnalytixInsight Reports 2023 Financial Results and Provides MCTO Status Update

Business Wire
10 min read

In This Article:

TORONTO, June 01, 2024--(BUSINESS WIRE)--AnalytixInsight Inc. ("AnalytixInsight", or the "Company") (TSX-V: ALY) today reports its financial results for the year ended December 31, 2023, and provides a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").

2023 Key Business Highlights:

  • As at December 31, 2023, AnalytixInsight’s CapitalCube product had generated approximately 95,000 machine-created company research reports (with approximately 830,000 views in 2023 alone) that were published across 40 countries under the Company’s research initiative with Refinitiv;

  • In 2023 & the beginning of 2024, efforts have been underway to expand CapitalCube’s enterprise B2B customer base through project bids, increased sales efforts and market validation product interviews;

  • MarketWall’s license agreement with Intesa Sanpaolo was renewed in February 2023 with an increase in consideration payable by Intesa Sanpaolo from 1.2 million to 4 million euros annually for two years with an additional two year renewable option;

  • In 2023, as part of Marketwall’s B2C strategy, the InvestoPro GO trading platform launched a new mobile app purposefully designed for Samsung device users under a MarketWall collaboration agreement with Samsung Italia;

  • As at December 31, 2023, InvestoPro had less than 1,000 active users and was approaching €100 million AUC (assets under custody);

  • Euclides, the Company’s workforce management division, saw its biggest decline in revenues contributing to the decline in revenues overall for 2023. With contracts for this business line ending in 2023 and no newly signed contracts, the business was discontinued with the engagement of its last remaining employee ending in March 2024;

2023 Key Financial Highlights:

  • For the year ended December 31, 2023, AnalytixInsight’s revenue was $512,685 with a net loss per share of $0.04, compared to the year ended December 31, 2022, in which revenue was $1,672,185 with a net loss per share of $0.04;

  • The decline in revenues is entirely attributed to the decrease in Euclides’ contracts which ended in 2023 with total revenue as at December 31, 2023 of $276,163 compared to total revenue as at December 31, 2022 of $1,433,055;

  • AnalytixInsight had cash and cash equivalents of $1,279,592 as at December 31, 2023, with positive working capital of $627,686;

  • AnalytixInsight received a payment of $2,000,486 from Marketwall in Q2 2023 (declared in Q1 2023), however, a similar payment was not declared in Q1 2024;

  • For the year ended December 31, 2023, MarketWall (including InvestoPro) revenue was $10,726,371 with a net income of $1,012,915 compared to year ended December 31, 2022 revenue of $6,138,176 and net loss of ($309,243);

  • 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.

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