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Boardwalktech Software Corp. reports developments tied to its digital-ledger and AI-enabled enterprise software for intelligent information management. Company updates commonly cover customer contracts, renewals, and deployments involving the Boardwalk Digital Ledger Platform, Unity Central, Velocity, and Verity across financial services, semiconductor, chemical, and enterprise IT environments.
News also includes product launches for controls automation and AI governance, quarterly financial results prepared under IFRS, annual meeting voting outcomes, advisory-board appointments, and commentary on recurring revenue from enterprise software engagements. The company trades as BWLK on the TSX Venture Exchange and as BWLKF on the OTCQB market.
Boardwalktech Software Corp (TSXV: BWLK, OTCQB: BWLKF) announced the full forgiveness of its US$700,100 Payroll Protection Program (PPP) loan from the U.S. Small Business Administration. This forgiveness, confirmed by the SBA, allows the company to exclude the forgiven amount from taxable income. The funds were exclusively used for payroll during the permitted 24-week period following loan origination. The loan, initiated under the CARES Act to support small businesses during the pandemic, was unsecured with a nominal interest rate of 1%.
Boardwalktech Software Corp. reported its financial results for Q3-FY21, with revenues of $1.1 million, flat from the previous quarter but down from $1.2 million year-over-year. SaaS license revenue rose 7%, countered by a 51% drop in legacy contract revenues. Annualized Recurring Revenue remained stable at $3.5 million. Despite challenges, the sales pipeline grew to over $8 million. Gross margin improved to 86.6%, while the adjusted EBITDA loss narrowed by 37% to $(0.4) million. The company anticipates exceeding $5 million in ARR by Spring 2021.
Boardwalktech Software Corp (OTCQB: BWLKF) has secured a significant contract with a multinational consumer products company, valued at USD $150,000. This contract involves the implementation of their specialized Digital Ledger Platform to manage regulatory labeling, packaging, and compliance for global products. The deployment aims to simplify compliance across various markets, enhancing efficiency and time-to-market. Boardwalktech anticipates expanded applications within the Client’s operations, potentially increasing recurring revenue in the coming year.