LCFY - Locafy jumps 19% expects to be profitable by FQ4 starting April 2023

• Software-as-a-service technology company specializing in local search engine marketing, Locafy ( NASDAQ: LCFY ) announced an updated timeline for achieving profitability during the 2023 full-year period.
• The company has reduced its monthly expenses and it expects, based on historical financial results and management’s current revenue projections, to be profitable by the beginning of FQ4, starting in April 2023.
• JKD’s proprietary research has also helped to bolster the company’s R&D efforts, in part by facilitating the launch of Brand Boost and Keystone products, amongst other software enhancements.
• Having commercially launched these products, management has transitioned the company’s R&D efforts into a more streamlined structure with reduced overheads.
• CEO, Gavin Burnett commented, “The last few months have been transformational for our technology, client base, and team. Our best-in-class software products will help us continue to scale and deliver our solutions to more customers, increasing recurring revenue. With our current projections in mind and after completing several cost-reduction initiatives, we expect Locafy to be profitable by the beginning of April. We are encouraged by the opportunity ahead of us in the second half of our fiscal 2023, and look forward to communicating our progress towards this important milestone.”
• Stock jumps 18.6% post-market hours on Monday.

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