ARLINGTON, Va., May 01, 2023 (GLOBE NEWSWIRE) -- Edge Total Intelligence Inc. (“edgeTI”, “Company”, “We”, or “Our”) (TSXV: CTRL, OTCQB: UNFYF, FSE: Q5i), the leader in real-time digital operations software, today announced its audited financial results for the three months and year ended December 31, 2022 and reinforced its position and future opportunity in the growing adoption of AI, Automation, and Digital Twin solutions.
“2022 was a tough and uncertain year for the enterprise software sector as many buyers adjusted their consumption in response to global uncertainty,” said Jim Barrett, CEO of edgeTI. “We took efforts in 2022 to restructure certain debts to reduce cash interest costs, which bring improved cash flow in 2023 as we prepped for increased demand and interest in AI, Automation, and Digital Twins.”
All financial amounts in this release are posted in US Dollars as are the Consolidated Financial Statements and Management’s Discussion and Analysis on SEDAR.
Fourth Quarter 2022 Highlights
- Achieved monthly recurring revenue (MRR) for the fourth quarter of $264,282 largely consistent with the third quarter of $278,489.
- Established a strategic partnership with Silico, an AI-powered Business Process Simulation solution based in London England. The partnership will expand edgeCore™ use in the rapidly growing AI-driven business simulation market.
- Negotiated restructuring of the Company’s debts (executed January 23, 2023) that significantly reduced cash interest expense, eliminated ongoing principal repayments and extended maturity terms of the Company’s debts.
- Recorded an impairment charge of $3,075,130 against certain intangible assets established in prior periods.
Year-End 2022 Highlights:
- Increased Gross Margin from 65% in 2021 to 68% in 2022.
- Recruited system integrators and technology partners to expand into the new and growing Artificial Intelligence (AI) market.
- Awarded an indefinite delivery/ indefinite-quantity (IDIQ) contract by the U.S. Air Force with a ceiling of $950 million through May 2025 to enable Joint All Domain Command and Control (JADC2) for U. S. Armed Forces and Allies. Securing task orders against this contract is a key initiative in future efforts.
- Awarded a Basic Ordering Agreement from NATO Communications and Information Agency (NCIA) which allows member nations to procure and deploy edgeTI’s products in a variety of environments and use cases.
- Won a Security Innovation Challenge Prize sponsored by Homeland Security Technology Consortium. The price recognizes collaborative R&D of industry and government meeting rapid prototyping/piloting needs for the U.S. Department of Homeland Security and its components.
- Completed its OTCQB under the symbol “UNFYF” and Frankfurt listing under the symbol “Q5i” to improve stock liquidity and allow greater exposure to international investors.
- Listed in industry analyst reviews by 451 Research and Gartner in regard to Digital Transformation and Digital Twins.
Outlook
The Company plans to continue its focus on the growing adoption of AI, Automation, and Digital Twin solutions, which industry and market analysts anticipate growing at an impressive near 40% CAGR through 2030.
“Our edgeCore platform securely empowers swifter, better action by delivering the right information to the right people at the right time at the speed of relevance. Our software’s unique human-centric approach comes at a time when AI, Automation, and Digital Twins are expanding and converging. We feel edgeCore is uniquely positioned to to accelerate progress and become the platform of choice for AI-powered business operations,” said Jim Barrett, CEO. “By restructuring our debts and embracing strategic partners, we have created the financial footing and capacity necessary to begin to capitalize on the unique opportunity in front of us.”
The complete audited financial statements and associated Management's Discussion and Analysis are available under the Company's profile on SEDAR and on the Company’s website.
About edgeTI
edgeTI helps customers sustain situational awareness and accelerate action with its real-time digital operations software, edgeCore™ that unites multiple software applicates and data sources into one immersive experience. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid journeys via the platform's low-code development capability and composable operations. With edgeCore, customers improve their margins and agility by rapidly transforming siloed systems and data across continuously evolving situations in business, technology, and cross-domain operations — helping them achieve the impossible.
Website: https://edgeti.com
LinkedIn: www.linkedin.com/company/edgeti
YouTube: www.youtube.com/user/edgetechnologies
Twitter: www.twitter.com/edge_suite
For further Information contact:
Nick Brigman
Phone: 888-771-3343
Email: ir@edgeti.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.
Forward-Looking Information and Statements
Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, completion of due diligence by the lender, business, economic and capital market conditions.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, the impact of viruses and diseases on the Company's ability to operate, competition and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
