Voxtur Announces Financial Results for Q2 Ended June 30, 2024
Rhea-AI Summary
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has released its financial results for Q2 2024. Revenue from continuing operations decreased to $8,530,000 from $9,644,000 in Q2 2023. Gross profit also declined to $4,631,000 from $5,188,000, while gross profit margin remained stable at 54%. CEO Ryan Marshall acknowledged challenges in Q2 but emphasized the company's commitment to long-term innovation and operational improvement.
Voxtur is implementing measures to enhance profitability and align operations with market demands. The company recently sold its appraisal management company business for $35,135,000 and is planning to sell its controlling interest in Blue Water Financial Technologies Holding Unit. An earnings call is scheduled for August 30th, 2024, to discuss the financial results in detail.
Positive
- Stable gross profit margin at 54%
- Sale of appraisal management company business for $35,135,000
- Commitment to long-term innovation strategy and operational improvement
Negative
- Revenue decreased by 11.5% year-over-year in Q2 2024
- Gross profit declined by 10.7% compared to Q2 2023
- Planned sale of controlling interest in Blue Water Financial Technologies Holding Unit
News Market Reaction 1 Alert
On the day this news was published, VXTRF gained 2.30%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORONTO and TAMPA, Fla., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced its financial results for the three and six months ended June 30, 2024. The Unaudited Condensed Interim Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024, are available at www.sedarplus.ca and at www.voxtur.com.
“Despite facing challenges in Q2, we remain committed to our long-term innovation strategy, operational improvement, and exploring strategic distribution points,” said Ryan Marshall, Voxtur CEO. “Last quarter's results highlight areas where we are intensifying our focus on efficiency and cost management. We are actively implementing measures to enhance profitability and align our operations more closely with market demands. Our investment in technology and customer experience remains a priority as we lay the groundwork for future growth and shareholder value. While Q2 has been challenging, we are confident in our strategic direction and ability to navigate the current environment successfully.”
Financial Results:
| Continuing Operations | Unaudited | Unaudited | ||||||||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| (In thousands of Canadian dollars) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue 1 | $ | 8,530 | $ | 9,644 | $ | 17,254 | $ | 20,570 | ||||||||
| Gross profit 1 | 4,631 | 5,188 | 9,670 | 11,531 | ||||||||||||
| Gross profit as a % of Revenue 1 | 54 | % | 54 | % | 56 | % | 56 | % | ||||||||
Discussion with respect to the above-noted results can be found in the Company’s MD&A available at www.sedarplus.ca and at www.voxtur.com.
1 Calculations include only the results from continuing operations and do not include results of discontinued operations. On November 1, 2023, the Company finalized the sale of its wholly owned appraisal management company (“AMC”) business for
Earnings Call Details:
The Company will host a conference call on Friday, August 30th, 2024, at 9:00 a.m. Eastern Time, to discuss financial results and highlights for the three and six months ended June 30, 2024.
The conference call can be accessed live by dialing +1(800)-717-1738, +1(646)-307-1865 or +1(289)-514-5100. Please dial in ten minutes prior to the scheduled start time. A digital recording of the call will be available for replay on Voxtur's website.
About Voxtur
Voxtur is a transformational proptech company that is redefining industry standards in a dynamic lending environment. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur‘s management in preparing the financial guidance and targets.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur's common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
Jordan Ross
Chief Operating Officer
Tel: (416) 708-9764
jordan@voxtur.com
For media inquiries:
Jacob Gaffney
Tel: (817)471-7627
jacob@gaffneyaustin.com
FAQ
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