GINSMS Announces Financial Results for the Three and Nine Months Ended September 30, 2022
CALGARY, Alberta., Nov. 10, 2022 (GLOBE NEWSWIRE) — GINSMS Inc. (TSXV: GOK) (the “Corporation”) has announced its financial results for the third quarter ended September 30, 2022.
The complete financial results for GINSMS are available at www.sedar.com. Highlights include:
- Revenue of $789,371 for the three-month period ended September 30, 2022 as compared of $739,706 for the three-month period ended September 30, 2021.
- Gross Profit of $309,309 for the three-month period ended September 30, 2022 as compared to gross profit of $256,391 for the three-month period ended September 30, 2021.
- Operating expenses and finance costs of $359,944 for the three-month period ended September 30, 2022 increased from $233,775 for the three-month period ended September 30, 2021.
- Net loss of $72,257 for three-month period ended September 30, 2022 as compared to a net profit of $23,499 for three-month period ended September 30, 2021.
Selected Profit and Loss Information
| Financial Highlights | Three-month period ended September 30, 2022 (Unaudited) $ | Three-month period ended September 30, 2021 (Unaudited) $ | Nine-month period ended September 30, 2022 (Unaudited) $ | Nine-month period ended September 30, 2021 (Unaudited) $ |
Revenue ($) | ||||
| A2P Messaging Service | 376,476 | 419,237 | 1,057,361 | 990,814 |
| Software Products & Services | 412,895 | 320,469 | 1,088,426 | 1,045,567 |
| 789,371 | 739,706 | 2,145,787 | 2,036,381 | |
| Cost of sales ($) | ||||
| A2P Messaging Service | 235,335 | 316,110 | 722,670 | 787,379 |
| Software Products & Services | 244,727 | 167,205 | 619,261 | 514,550 |
| 480,062 | 483,315 | 1,341,931 | 1,301,929 | |
| Gross profit ($) | ||||
| A2P Messaging Service | 141,141 | 103,127 | 334,691 | 203,435 |
| Software Products & Services | 168,168 | 153,264 | 469,165 | 531,017 |
| 309,309 | 256,391 | 803,856 | 734,452 | |
| Gross margin | ||||
| A2P Messaging Service | 37.5% | 24.6% | 31.7% | 20.5% |
| Software Products & Services | 40.7% | 47.8% | 43.1% | 50.8% |
| 39.2% | 34.7% | 37.5% | 36.1% | |
| Adjusted EBITDA(1) ($) Adjusted EBITDA margin | (25,852) (3.3)% | 45,645 6.2% | 93,107 4.3% | 221,136 10.9% |
| Net (loss)/profit ($) Net (loss)/profit margin | (72,257) (9.2)% | 23,499 3.2% | (11,777) (0.5)% | 149,511 7.3% |
| (Loss)/profit per share ($) | ||||
| Basic (In Canadian cents) | (0.049) | 0.015 | (0.009) | 0.099 |
| Diluted | N/A | 0.015 | N/A | 0.099 |
(1) Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortization (in both cost of sales and general and administration expenses), interest expenses, and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognized under IFRS and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations that the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives.
About GINSMS
GINSMS is a mobile technology and services company focusing on two areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and has successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia.
For further information, please contact:
GINSMS Inc.
Joel Chin, CEO
Tel: +65-6441-1029
Email: investor.relations@ginsms.com
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.
