Reklaim Reports Record Q3 Revenue with Positive EBITDA and Cash Flow Growth

Rhea-AI Summary

Reklaim reported strong Q3 2024 financial results with revenue reaching $1,487,321, up 61% year-over-year. The company achieved positive EBITDA of $359,978, marking a 106% increase from Q3 2023. Nine-month revenue totaled $3,315,204, showing a 23% increase from 2023. Key performance metrics include improved gross margins at 82% for Q3, and positive year-to-date cash flow of $260,062, representing a 1020% increase compared to the prior year. The 'Deals' segment revenue surged by 3403% in Q3 2024. The company also converted $100,000 of debt into shares at $0.09 per share.

Positive

• Record Q3 revenue of $1,487,321, up 61% YoY
• Positive EBITDA of $359,978, increasing 106% YoY
• Gross margins improved to 82% in Q3
• Positive YTD cash flow of $260,062, up 1020%
• Deals segment revenue grew by 3403% in Q3

Negative

• Debt conversion resulting in share dilution

Q3 Marks a 61% Year-over-Year Revenue Increase and Significant Progress in Financial Performance

NEW YORK, Nov. 14, 2024 /PRNewswire/ - Reklaim, (TSXV: MYID)  (OTC: MYIDF) ("Reklaim"), the leading platform empowering consumers to access and reclaim their data, is pleased to announce its third-quarter results and positive EBITDA for the period ending September 30, 2024.

Key Highlights from Reklaim's Q3 2024 Performance:

• Record Q3 Revenue: Achieved $1,487,321 for Q3 2024, up 61% year-over-year, with a nine-month total of $3,315,204, a 23% increase from 2023.
• Positive EBITDA Growth: Reported $359,978 for Q3, reflecting a 106% increase from Q3 2023. Year-to-date EBITDA at $418,441, impacted by early-year investments in the sales team.
• Enhanced Gross Margins: Improved to 82% for Q3 and 81% year-to-date, marking a 2-3% increase over 2023.
• Significant Cash Flow Improvement: Positive YTD cash flow of $260,062, a 1020% increase compared to the prior year.

Strategic Achievements and Financial Strength

Reklaim's strategic focus on diversifying revenue streams has led to substantial growth across its 'Platform' and 'Deals' segments, with 'Deals' revenue surging by 3403% in Q3 2024 compared to 2023. This adaptability underscores Reklaim's ability to navigate an evolving market landscape, ensuring continued operational excellence and strategic momentum.

Neil Sweeney, Founder and CEO of Reklaim, shared, "Our Q3 2024 results affirm our strategic direction and execution capabilities. By diversifying revenue and strengthening our financial base, we're poised for continued growth. Reklaim remains steadfast in empowering consumers and driving forward in a data-driven landscape."

Looking Ahead

Reklaim continues to empower consumers to take control of their data while expanding its AI privacy initiatives. For more details on our market insights and our CEO Quarterly Letter, please review Reklaim's MD&A.

Additional

Reklaim successfully completed the conversion of $100,000 of debt into 1,111,111 shares at a deemed price of $0.09 per share on October 11, 2024, as previously disclosed in our October 10, 2024, press release.

About Reklaim

Reklaim navigates the evolving consumer data privacy landscape, providing privacy-compliant data solutions for Fortune 500 brands, platforms, and data companies. Our platform allows consumers to reclaim control over their data and be compensated through their Reklaim account. Learn more at investors.reklaimyours.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects," and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the closing of the Debt Settlement and TSXV approval of the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions in preparing forward-looking information may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Although considered reasonable by management during preparation, such information may prove incorrect, and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements in this news release are made as of the date of this news release. The Company will only update or revise any included forward-looking statements as expressly required by Canadian securities law.

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SOURCE Reklaim Ltd.

FAQ

What was Reklaim's (MYIDF) Q3 2024 revenue?

Reklaim reported Q3 2024 revenue of $1,487,321, representing a 61% increase year-over-year.

How much did Reklaim's (MYIDF) EBITDA grow in Q3 2024?

Reklaim's EBITDA grew by 106% to $359,978 in Q3 2024 compared to Q3 2023.

What was Reklaim's (MYIDF) gross margin in Q3 2024?

Reklaim achieved a gross margin of 82% in Q3 2024, showing a 2-3% improvement over 2023.

How much debt did Reklaim (MYIDF) convert to shares in October 2024?

Reklaim converted $100,000 of debt into 1,111,111 shares at $0.09 per share on October 11, 2024.