TraceSafe Inc. (CSE:TSF) said its gross profit in the first quarter of the year was $0.9 million, a 481% increase over the year-ago period, thanks to the growth of its higher revenue margin stream.
The company also said it recognized $1.3 million in Q1 2022 revenue.
“The results are in line with last year’s revenue forecasts and the seasonality of the business. We have a strong business development pipeline in Asia Pacific and North America, and we are also growing our presence in regions like the Middle East and Europe,” said Wayne Lloyd, CEO of TraceSafe in a statement.
READ: TraceSafe announces record year in 2021 with annual revenue of US$13 million
“For the second half of 2022, we are focused on building products to seize the huge opportunity presented by carbon monitoring, mitigation and markets with a new product that will help break down barriers in sustainability and compliance with greenhouse gas emissions,” he added.
During the first quarter, service revenue was $0.8 million, up 84% over the same period last year. Due to continued cost containment efforts, operating expenses of US$2.7 million decreased by 32% compared to the corresponding period of the previous year. As a result, the company reduced its operating loss to $1.9 million, down 52% from the same period last year. Likewise, its net loss of $1.8 million was down 55% from the previous year.
The company secured $3.2 million in funding to accelerate growth in the first quarter, paving the way for the execution of larger value-creating products. TraceSafe also announced a strategic focus on the decarbonization platform as a service and was awarded a patent for a position tracking system. This technology enables location-based IoT devices to operate accurately with reduced power consumption.
TraceSafe is a comprehensive suite of real-time location management services and contact tracing solutions enabled by advanced low-power Bluetooth beacons and enterprise cloud management.
Contact the author at jon.hopkins@proactiveinvestors.com
