TORONTO, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Artificial Intelligence company, AnalytixInsight Inc. (“AnalytixInsight”, or the “Company”) (TSX-V: ALY; OTCQB: ATIXF) is pleased to announce financial results for the second quarter ended June 30, 2018.
Key Highlights:
- Revenue for the three months ended June 30, 2018 was $1,325,814, an increase of 37% when compared to revenue of $967,946 in the same period in the previous year, and an increase of 31% when compared to revenue of $1,015,286 in the previous quarter ended March 31, 2018.
- Revenue for the six months ended June 30, 2018 was $2,341,100, an increase of 80% when compared to revenue of $1,302,364 in the same period in the previous year.
- Working capital at June 30, 2018 was $1,736,459, which compares to $1,825,426 at March 31, 2018.
- The Company entered into an AI-driven research distribution agreement with Thomson Reuters during the quarter, whereby Thomson Reuters will distribute content generated by AnalytixInsight’s machine-learning platform to customers on its financial desktop applications, Eikon and Thomson One.
- The Company joined global Fintech innovation center “The Floor”, an Israeli Fintech hub partnered with several of the world’s largest banks.
- The Company joined the IFS Partner Network to extend workforce optimization capabilities and advance machine-intelligence offerings within the industry.
- AnalytixInsight’s 49% owned subsidiary Marketwall, continued to progress their business as planned and reported revenue of $965,964 and remained profitable with a net income of $185,253 for the quarter. The Company and Marketwall are working together on the strategic plan for the spin out of Marketwall, following the successful product integration with Intesa Sanpaolo.
AnalytixInsight Selected Annual Financial Information
| $ Canadian (unaudited) | Three months ended June 30 | Six months ended June 30 | ||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| Revenue | $ | 1,325,814 | $ | 967,946 | $ | 2,341,100 | $ | 1,302,364 | ||||
| Basic net income (loss) per share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) |
Management Commentary
Prakash Hariharan, President & CEO, commented: “We significantly strengthened our strategic partnerships during the quarter and we are advancing nicely on our strategic initiatives. We are very pleased with our financial growth in this second quarter.”
During the quarter, the Company entered into a distribution agreement with Thomson Reuters for an AI-driven research distribution whereby Thomson Reuters will distribute financial research reports created by AnalytixInsight’s CapitalCube platform to customers on its financial desktop applications Eikon and Thomson One. This distribution agreement allows Thomson Reuters to offer unique AI-based financial research and increased content coverage of publicly traded issuers. The distribution of AnalytixInsight’s financial research reports by Thomson Reuters is expected to be implemented in phases, beginning later in 2018.
During the quarter, the Company joined The Floor (TheFloorHub.com), an Israeli Fintech hub that is partnered with leading financial institutions and world banks including HSBC, Santander, Deutsche Bank, RBS and Intesa Sanpaolo. The Floor is located at the Tel Aviv Stock Exchange building and is working to shape the bank of the future with exceptional Fintech solutions. As a member of The Floor, AnalytixInsight is showcasing its offerings and expertise to those who are revolutionizing the industry, positioning the Company within the ecosystem of thought leaders in technology innovation. The Company is in active dialogue with members of The Floor collaborating on Fintech solutions that employ the Company’s machine-learning capabilities and solutions architects.
As previously announced on July 31, 2018, the Company’s wholly owned subsidiary Euclides Technologies Inc. has joined the IFS Partner Network to extend the Company’s workforce optimization capabilities. IFS is a global company with over 3,500 employees developing enterprise software for customers around the world. Together, Euclides and IFS will work together to deliver solutions to customers and explore opportunities to jointly develop machine intelligence solutions for the industry. Workforce optimization is a strategy used in businesses to improve efficiency by providing key data on the performance of a workforce. Organizations are embracing machine intelligence and data analytics as the cornerstones of workforce optimization to analyze and manage large-scale operational efficiency and enhance customer experience.
Marketwall
AnalytixInsight owns 49% of Marketwall which is considered an associated company as its financial results are not consolidated in AnalytixInsight’s financial results. Upon the successful completion of Marketwall’s product integration with Intesa Sanpaolo’s mobile platform and the achievement of other milestones, AnalytixInsight and Intesa Sanpaolo expect to jointly spin out Marketwall.
Marketwall Selected Annual Financial Information
| Marketwall (Associated investment of AnalytixInsight) $ Canadian (unaudited) | Six months ended June 30, 2018 | Six months ended June 30, 2017 | ||
| Revenue | $ | 1,818,605 | $ | 2,628,389 |
| Net income (loss) | $ | 267,173 | $ | 1,362,223 |
CONTACT INFORMATION:
Scott Urquhart
VP Corporate Development
Scott.Urquhart@AnalytixInsight.com
Tel: (416) 522-3975
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight’s (AnalytixInsight.com) artificial intelligence platform transforms data into knowledge. AnalytixInsight’s online portal CapitalCube (capitalcube.com) algorithmically analyzes market price data and regulatory filings to create insightful, actionable narratives and research on approximately 50,000 global companies and ETFs, providing high-quality financial research and content for investors, information providers, finance portals and media. AnalytixInsight holds a 49% interest in Marketwall, a mobile platform for banking and stock trading (marketwallcorporate.com). AnalytixInsight owns Euclides Technologies Inc. (euclidestech.com), a workflow analytics systems integrator.
AnalytixInsight is a 2018 Venture 50 TM company (tsx.com/venture50).
Regulatory Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; Marketwall’s ability to complete and roll-out the mobile-banking platform for Intesa Sanpaolo; the Company’s ability to spin out Marketwall, the use of the Company’s content by various parties; the impact of the distribution agreement with Thomson Reuters; the performance of Euclides and the Company’s ability to operate in the work-flow analytics space; the impact of the agreements with The Floor and IFS and the Company’s future performance. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company’s technology and revenue generation; risks associated with operation in the technology sector; ability to successfully integrate new technology and employees; foreign operations risks; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither 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