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DENVER and VANCOUVER, British Columbia, November 29, 2022 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce that it has released financial and operating results for the third quarter of 2022. The complete set of consolidated financial statements as of September 30, 2022 and the management’s discussion and analysis (MD&A) are available on SEDAR (www.sedar.com). All results are expressed in Canadian dollars unless otherwise noted.
SpotLite360 is a startup technology company reporting the third quarter of 2022 and the first nine months of the company’s first full year of operations. SpotLite360 listed on the Canadian Securities Exchange (CSE) in June 2021 and has since focused on a growth strategy through organic sales and strategic acquisitions. The company’s portfolio of solutions has continued to evolve in response to customer needs and through the addition of expertise in acquisitions, supply chain technologies, engineering and product offerings. Since its inception, the Company has successfully completed and integrated several acquisitions and continuously generated significant revenue. SpotLite360 is pioneering new solutions and disrupting traditional outdated supply chain practices.
Comparison between Q3 2022 and Q3 2021
SpotLite360 saw a significant increase in revenue for the three months ended September 30, 2022 (Q3) with total revenue of $4,198,988 compared to Q3 2021 revenue of $5,631. In the third quarter of 2022, the Company recognized adjusted EBITDA (EBITDA plus non-cash stock-based compensation) of $862,991 compared to a loss in the third quarter of 2021 of ($585,091). This marks the company’s second consecutive quarter with positive adjusted EBITDA. SpotLite360 has continued to invest in infrastructure to support its ability to scale operations and deliver scalable enterprise solutions. As a result, the Company recognized a loss in the third quarter of 2022 of ($1,285,789) or ($0.00) per share. Most of this loss is the result of salaries, depreciation, operating expenses and stock-based compensation.
Comparison from 2022 to 2021 dates
For the first nine months of 2022, the company recognized total revenue of $13,898,974 compared to $5,631 for the first nine months of 2021. Adjusted EBITDA for the first nine months of 2022 was a positive $1,064,643, compared to a loss from the first nine months of 2021. nine months in 2021 from $(1,425,950). Overall, the company experienced a loss of $2,356,623 or (0.01) per share for the nine months ended September 30, 2022.
James Greenwell, President and CEO commented “SpotLite360 continues to deliver record year-to-date results with nearly $14 million in top line revenue for the first nine months of 2022 and adjusted EBITDA of over $1.0 million. We are very excited to share these results and prove our strategy of improving supply chain visibility, efficiency and proof of ESG (Environmental, Social and Governance) claims to consumers in our target industries.”
Mr. Greenwell further states, “Our company is investing in the infrastructure necessary to support current capabilities and deliver an automated, smart, connected supply chain ecosystem. We are grateful to our clients for their trust in us and our employees for continuous results and execution. As announced in a November 23, 2022 press release, the expansion of the current client has grown to a new total contract value exceeding $26.5 million ($21 million) in revenue. The company anticipates that its pipeline of revenue opportunities for 2023 will continue to grow with new customer projects and further expansion within existing customers. Positive year-to-date adjusted EBITDA, multi-state expansions, new product innovations, product offering expansion, additional acquisitions and a significant pipeline of proposals will position SpotLite360 for future growth.”
Operational and Financially Highlights For in 2022, plug in:
+ Q3 2022 revenue of $4,198,988 vs. Q3 2021 revenue of $5,631. A very significant year-over-year increase in revenue and the second quarter in a row of positive adjusted EBITDA.
+ Revenues for the first nine months of fiscal 2022 were $13,898,974 compared to $5,631 for the first nine months of fiscal 2021.
+ Q3 2022 Adjusted EBITDA improved from positive $211,137 in Q2 2022 to positive $862,991 in Q3 2022.
+ For the first nine months of 2022, adjusted EBITDA was a positive $1,064,643 compared to a loss of ($1,425,950) for the first nine months of 2021.
+ Significantly expanded product portfolio with digital asset production, distribution and big data structuring with the acquisition of Back to the Digital and its very popular website “Imfromdenver.com”.
+ We leveraged the design, construction and construction management expertise of our E3 Service Group to obtain a 2022 open backlog of executed contracts of over $16.3 million with project implementation underway.
+ Internal marketing efforts relaunched social media at the affiliate level. Outbound marketing will begin by the end of the fiscal year. Several announcements of new projects are expected in the coming months.
+ Several M&A targets have been added to the pipeline. While negotiations are complex and ongoing, a strategy is envisioned to add product capabilities with additional customers and cross-sell products and services.
The pipeline of proposals and acquisitions continues to grow, and the vision of building a scalable company based on SaaS technology that targets the supply chain remains a high priority for the company. Current customer implementations and future engineering designs leverage SpotLite360 expertise and solutions to create visibility into critical supply chain data. Using IOT, sensors, cloud, software and blockchain to make real-time and near-real-time supply chain decisions is invaluable. Regulatory requirements, market disruption, consumer demand for sustainability and compliance with environmental, social and governance (ESG) standards are all leading to disruption of traditional supply chain practices. Spotlite360 creates an automated, smart, connected digital supply chain environment from product origin all the way to the consumer. Future emphasis will be focused on consumer visibility for supply chain evidence with historical data.
On behalf of the Board of Directors of the Company,
SpotLite360 IOT Solutions, Inc.
“James Greenwell”
James Greenwell, President and CEO
For more information about SpotLite360, visit: http://spotlite360.com
Investor Relations and Media Inquiries
+1 (720) 830-6120
ir@spotlite360.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS PUBLICATION, NOR HAS ANY PROVIDER OF CSE REGULATION SERVICES.
About SpotLite360 IOT Solutions, Inc.
SpotLite360 is a logistics technology solutions provider that unlocks value, opportunity and efficiency for all participants in the supply chain. Building on existing applications of IoT technologies, distributed ledgers and machine learning, SpotLite360 seeks to set new standards for transparency, integrity and sustainability in the pharmaceutical, healthcare and agricultural industries. As regulators around the world begin to impose new monitoring and accountability requirements for consumer protection (for example, DSCSA and FSMA from the US Food and Drug Administration), the need for reliable, cost-effective and versatile monitoring technology is expected to grow significantly. SpotLite360’s leading SaaS solution is designed to seamlessly track product movement by integrating with the systems of all major stakeholders in the supply chain, from raw materials to the hands of the end consumer. With the primary goal of onboarding new customers in 2022, SpotLite360 plans to explore innovative use cases for its proprietary suite of technologies that could transform logistics flows in some of the world’s largest industries.
Forward-looking statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities law, with respect to the Company. The forward-looking information included in this release is not based on historical facts, but on the expectations of the Company’s management regarding the future growth of the resulting issuer, its results of operations, performance, business prospects and opportunities. This press release uses words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company’s management, based on information currently available to them.
This forward-looking information includes, among other things, statements regarding: the intentions, plans and future actions of the Company; statements related to the business and future activities of the Company; expected trends in the Company’s operations; the Company’s market position, ability to compete and future financial or operating performance; the time limit and the amount of funds required for the execution of the Company’s business plans; capital expenditures of the Company; the impact on the company of any changes in existing or new laws or policies or government regulations; the length of time required to obtain permits, certificates and consents; labor availability; estimated budgets; currency fluctuations; additional capital requirements; insurance limits; the timing and possible outcome of regulatory and permitting issues; goals; strategies; future growth; adequacy of financial resources; our expectations regarding income, expenses and expected cash needs.
In addition, any statements relating to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyzes made by the company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, potential investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will be consistent with the Company’s expectations and projections is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those set forth in the Company’s non-offering prospectus dated May 26. , 2021.
If any of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those anticipated in the forward-looking statements. The information contained in the forward-looking statements in this press release is as of the date of this release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required applicable securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements or the information contained in such statements.
All forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
Statement Regarding Firms for Relationships with Third Parties
Disclosures Related to Investor Relations Firms Retained by SpotLite360 IOT Solutions, Inc. can be found under the Company profile at http://sedar.com.
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