Venzee Technologies Inc., the artificial intelligence platform for product data, announced today financial results for the fourth quarter and full year ended December 31, 2021.
The audited financial statements and related Management’s Discussion and Analysis (“MD&A”) can be viewed on SEDAR
The Company will conduct a conference call discussing fourth quarter and full year results on Tuesday, May 3, 2021 at 8:30 A.M. EST (5:30AM PST). Details for this call can be found below.
Fiscal Year 2021 Financial Highlights
For the year ended December 31, 2021:
Revenues for FY2021 were $67,519, up 91% from $35,336 in 2020.
For the three months ended December 2021, revenues were $28,994, up from $16,230 in Q3 2021 and $8,746 in Q4 2020.
Net losses of $3,606,109 for FY2021 compared to net losses of $1,762,727 in FY2020 ($0.02 and $0.01 loss per share respectively).
Fiscal Year 2021 Business Highlights
Venzee has seen quarterly revenue growth since 2019 and expects that trend to progress as the Company continues efforts to scale its customer base and enhance its platform.
Also Read: Unanet Demonstrates Continued Momentum in First Quarter, Winning ERP…
Throughout fiscal 2021, Venzee made improvements to its technology, expanding its partnership base and Mesh Connectors™, while laying the foundation to meet its revenue growth goals.
The Company appointed two new members to the Board, including Marc Bertrand – former President and CEO of Mega Brands – and Dr. John Sviokla, a senior partner at Manifold Group, artificial intelligence expert and former Chief Marketing Officer for the US market segment of professional services firm PricewaterhouseCoopers (“PWC”).
Throughout the twelve-months ended December 31, 2021, the Company also received strong support from its shareholder base with it exercising over 22 million warrants and providing more than $1.8 million of additional capital.
In August 2021, the Company announced a new partnership with a major US-based specialty retailer serving the furniture and homeware market. The partnership helped Venzee further scale its brand and retail client base, giving Venzee access to more than 200 of the retailer’s key brand suppliers. The new partnership was established after one of Venzee’s brand clients promoted the Company’s services to this furniture and homeware retailer.