Jasper achieves strong year-over-year revenue growth
VANCOUVER, BC, March 31, 2022 /CNW/ – Jasper Commerce Inc. (TSXV: JPIM) (“Jasper” or the “Company”), a leader in product information management (“GIP“) solutions, announces its fiscal second quarter (Q2) financial results for the three and six months ended January 31, 2022 of Jasper Interactive Studios Inc (“Jasper Interactive”). Jasper Interactive was acquired by Jasper Commerce, Inc (formerly SaaSquatch Capital Corp.) in a reverse takeover transaction February 16, 2022and made concurrent funding for $6 million. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars.
Q2 Financial Highlights – Revenue growth of 79% in the three months ended January 31, 2022
- Revenue was $470,732 for the three months ended January 31, 2022, compared to $262,774 for the three months ended January 31, 2021, growing 79% year-over-year. Revenue growth was driven by an increase in Enterprise license sales, as well as increased demand from existing customers of all sizes for professional services work to support additional integration between Jasper PIM and their other systems. ‘business. Revenue for the six months ended January 31, 2022 was $922,944, compared to $671,670 for the same period in 2021, growing 37% year-over-year.
- Expenses for the three months ended January 31, 2022 were $1,678,985 compared to $764,707 for the three months ended January 31, 2021. Preparing for the public event by applying pre-RTO funds for scaling up vendors and hiring new employees is a significant reason for the increased spending during this period. Expenses for the six months ended January 31, 2022 amounted to $3,122,938, compared to $1,410,720 for the same period in 2021.
- Net loss for the three months ended January 31, 2022 was $1,208,253, compared to a net loss of $501$933 for the quarter ended January 31, 2022. Net loss for the six months ended January 31, 2022 was $2,199,944, compared to a net loss of $739,050 for the same period in 2021.
- At February 16, 2022Jasper has entered into a business combination with SaaSquatch Capital Corp. The newly merged entity will continue as Jasper Commerce Inc. and now trades on the TSX Venture Exchange under the symbol JPIM.
- Concurrent with the business combination, Jasper completed a broker-dealer private placement financing for $6,000,000 and is well capitalized to accelerate growth.
“I am pleased with the growth we have achieved in the second quarter of fiscal 2022,” Jasper CEO said. Jon Marsella.
“After the second quarter, we finalized our IPO transaction and successfully closed a $6 million financing and have invested in sales and marketing to continue on this path of growth. The Company is also continuing its discussions with new partners who should open up new avenues for growth.”
“I expect Jasper to continue the trend of achieving year-over-year growth as we apply the use of our new financing products to sales and marketing acceleration, expansion into new markets and continuous product innovation.”
“I would like to thank all of our shareholders and employees for their contributions to Jasper’s IPO and look forward to updating you regularly on important milestones and financial execution.”
This press release should be read in conjunction with Jasper’s unaudited interim condensed financial statements and accompanying notes, as at January 31, 2022 and for the three months ended January 31, 2022. These documents have been filed with certain regulatory authorities in the securities in Canada and are available on SEDAR (www.sedar.com) and on Jasper’s website at www.jasperpim.com.
About Jasper Commerce Inc.
Jasper offers product information management (“GIP“) solution that aims to enable e-commerce merchants to manage and market their products from a single source of truth, enabling them to sell more, sell faster and work smarter. The PIM of Jasper is accessible from anywhere via a web browser and is intended to simplify the process by which online merchants import product data into the PIM. Once downloaded, merchants can add various product data including product attributes , images, videos, marketing information, inventory quantities and price books, and effectively market their products using various features, including but not limited to the ability to adjust product categorization, pricing data and other key metrics Jasper’s PIM also enables automatic synchronization with e-commerce storefronts popular networks, marketplaces or other connected channels whenever new products are added to the PIM.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investors are cautioned that, unless otherwise specified in the filing statement prepared in connection with the transaction, any information published or received regarding the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed on the merits of the Transaction and has neither approved nor disapproved of the content of this press release.
The information in this press release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements, including statements relating to ultimate acceptance by the Bourse, the publication of a final bulletin by the Bourse, the use of the proceeds of the Offer and the business plans of the Company. These statements are based on assumptions subject to significant risks and uncertainties. Due to these risks and uncertainties and due to various factors, actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. A number of factors could cause actual results to differ materially from these forward-looking statements and from future results. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations in the forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting these forward-looking statements. statements or otherwise.
SOURCE Jasper Commerce, Inc.
For further information: Mike Hodes, Chief Financial Officer, [email protected]; Nik Thadani, Investor Relations, [email protected](437) 253-7773