BWLKF - Boardwalktech Software GAAP EPS of -$0.01 revenue of $1.8M

• Boardwalktech Software press release ( OTCQB:BWLKF ): Q3 GAAP EPS of -$0.01.
• Revenue of $1.8M (+69.8% Y/Y).
• Annual recurring revenue ("ARR"), at December 31, 2022 was $5.8 million, a 90% year-over-year increase versus ARR of $3.0 million at December 31, 2021. ARR is a non-IFRS measure, and the Company defines ARR as the annualized recurring revenue expected based on quarterly license subscriptions and recurring services.
• Since the Company implemented its SaaS business model in 2018, total revenue from new contracts signed since 2018 comprised 87% of total revenue in Q3-FY23, compared to 74% in the prior year, expanding at an 42% compound annual growth rate ("CAGR") the last three years – 55% CAGR on recurring license revenue.
• Gross margin for Q3-FY23 was 91.5%, a 4.7%-point increase from the previous year's level of 86.8%, and a 1.2% point increase from Q2-FY23 gross margin of 90.3%.
• Adjusted EBITDA for Q3-F23 was a loss of $(0.24) million, a 52% improvement from the $(0.50) million loss in Q3-FY22, and 64% sequential improvement from the $(0.68) million loss in Q2-FY23. This is the best EBITDA level since the Company went public, as it progresses towards and through breakeven profitability.
• Non-IFRS loss for Q3-FY23 (as defined in the Non-IFRS Financial Measures section) was a loss of $(0.25) million, or $(0.01) per basic and diluted share, a 51% improvement versus a $(0.52) million non-IFRS loss in Q3-FY22, or $(0.01) per basic and diluted share, and a 64% improvement versus $(0.70) million non-IFRS loss in Q2-FY23, or $(0.02) per basic and diluted share; as revenue growth outpaced selective opex spending.
• Outlook Update
• The Company is tracking at the mid to high end of its previously announced revenue guidance of $6.5 million to $7.0 million for FY 2023.

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