iCoreConnect Inc. Q1 2022 Results Continue the Company's Revenue Growth
iCoreConnect (OTCQB: ICCT) reported strong financial results for Q1 2022, achieving $2 million in revenue, a 285% increase from Q1 2021.
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Rhea-AI Summary
iCoreConnect (OTCQB: ICCT) reported strong financial results for Q1 2022, achieving $2 million in revenue, a 285% increase from Q1 2021. Annual Recurring Revenue (ARR) also surged by 317% to $1.9 million, with a notable increase of 14,000 subscribers bringing the total to approximately 25,000. The company reduced its quarterly loss to $285,000, down from $392,000, due to improved margins and lower expenses as a percentage of revenue. iCoreConnect continues to expand its cloud-based software solutions to enhance workflow productivity.
Positive
- Revenue growth of 285% to $2M for Q1 2022.
- Annual Recurring Revenue increased by 317% to $1.9M.
- Subscriber base grew by 14,000, totaling approximately 25,000 subscribers.
- Narrowed quarterly loss to $285K from $392K, improving operational efficiency.
Negative
- None.
Details
News Market Reaction – ICCT
The recorded move for ICCT in the trading session of this news was +28.74%.
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OCOEE, FL, May 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a market leading cloud-based, SaaS software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services, announces its Q1 2022 quarterly results.
iCoreConnect continues to build off its 2021 results delivering
Highlights
- Annual Recurring Revenue:
$1.9M M from$0.6M M (317 % growth) - Revenues:
$2.0M M from$0.7M M (285% growth) - Subscribers: Increased subscribers by 14,000
The continued penetration of the company’s SaaS software solutions contributed to the increase in Annual Recurring Revenues (ARR) growing to
The company improved its earnings before interest, taxes, depreciation and amortization by
About iCoreConnect
iCoreConnect (OTCQB: ICCT) is a market leading, cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy places a high value on customer feedback, allowing iCoreConnect to respond to the market’s needs. iCoreConnect touts a platform of 15 SaaS enterprise solutions and nearly 80 agreements with state or regional healthcare associations across the country.
Forward Looking Statements
In this news release, the use of the words "believe," "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions are intended to identify forward-looking statements that represent the Company's current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors.
Contact: IR@iCoreConnect.com
Archit Shah
888-810-7706
IR@icoreconnect.com
FAQ
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