TORONTO, June 10, 2024--(BUSINESS WIRE)--AnalytixInsight Inc. ("AnalytixInsight", or the "Company") (TSX-V: ALY) today reports a few updates including Q1 financial results for the quarter ended March 31, 2024.
With the completion and filing of both the 2023 annual audited and 2024 first quarter financial statements, together with the related Management’s Discussion and Analyses and certifications, the previously announced management cease trade order that was in effect was revoked on June 7, 2024.
Key Business Highlights
Natalie Hirsch, previously appointed as Chief Operating Officer (May 1, 2023), was appointed as Interim President and Chief Executive Officer, effective January 12, 2024, following the resignation of Prakash Hariharan;
In addition, Natalie Hirsch was appointed to MarketWall’s Board of Directors, effective February 2, 2024, following the resignation of Prakash Hariharan;
Vincent Kadar, current CEO of Polymath Research Inc., was appointed the Chair of the Board on January 12, 2024, following the resignation of Prakash Hariharan from such position;
Jonathan Dwek was appointed Chief Financial Officer, effective March 11, 2024, following the resignation of Paul Bozoki;
As at March 31, 2024, AnalytixInsight’s CapitalCube product had generated approximately 114,000 machine-created company research reports that were published across 40 countries under the Company’s research initiative with Refinitiv;
In Q1 2024, efforts continued to expand CapitalCube’s enterprise B2B customer base through project bids, increased sales efforts and market validation product interviews; and
As at March 31, 2024, InvestoPro (MarketWall’s B2C trading platform) had approximately 1,000 active users and was approaching €115 million AUC (assets under custody).
Q1 2024 Key Financial Highlights
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, resulting in cash issues for AnalytixInsight which had cash and cash equivalents of $296,418 as at March 31, 2024;
For the quarter ended March 31, 2024, AnalytixInsight revenue was $56,956 with a net loss of $789,226 compared to March 31, 2023 revenue of $178,284 with a net loss of $214,321. This change was due partially to the removal of Euclides revenue from service contracts;
For the quarter ended March 31, 2024, MarketWall (including InvestoPro) revenue was $2,355,014 with a net income of $596,733 compared to March 31, 2023 revenue of $2,671,151 and net income of $1,093,731;
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.
Complete details of the Company’s financial and operating results are available under the Company’s profile at www.sedarplus.ca.
Management Commentary
"Q1 was a difficult and transitional period for AnalytixInsight", commented Natalie Hirsch, Interim CEO of AnalytixInsight. "In order to allow this company to continue and rebuild, it is imperative that the company focus on finding a go-forward strategy that allows us to raise capital and find a way to extract value from MarketWall."
As well, Natalie Hirsch has been appointed as the corporate secretary of the Company, effective immediately. The appointment of Natalie Hirsch follows the resignation of Aaron Atin as the corporate secretary of the Company. The board and management of AnalytixInsight express their gratitude to Mr. Atin for his efforts and contributions and wish him well in his future endeavours.
The issuance of this news release has been approved by the Board, and more specifically Messrs. Veeravalli (independent), Kadar (independent), and Gardner (independent).
About AnalytixInsight Inc.
AnalytixInsight is a data analytics and enterprise software solutions provider. AnalytixInsight develops and markets cloud-based platforms providing financial content, company analysis and stock research solutions to the financial services industry. AnalytixInsight holds a 49% interest in MarketWall S.R.L., a developer of fintech solutions for financial institutions in Italy.
Certain statements contained in this news release constitute "forward-looking information" within the meaning of applicable securities laws and the respective policies, regulations and rules under such laws ("forward-looking statements"). These forward-looking statements generally are identified by words such as "anticipate", "expect", "intend", "will" and similar expressions, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s ability to continue and rebuild, develop a go-forward strategy, raise capital, and extract value from MarketWall. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this news release including, without limitation, 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 develop a go-forward strategy, raise capital, and extract value from MarketWall; foreign operations risks; the risk that funding options are not available to the Company, on reasonable terms or at all, to address its funding needs; the receipt of necessary regulatory, court, and corporate approvals to pursue funding options; the risk that the previously disclosed court-ordered inspector may uncover unexpected issues and/or the investigation may not be completed in a timely manner or at all, the risk that the issues to be addressed by the previously disclosed interim orders and the court-ordered inspector are not resolved in a timely manner or at all, and other risks inherent in the technology industry. Additionally, there are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary note. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
Regulatory Statements
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
