Canadian fintech Katipult announced last week its 2019 first quarter financial results for the three-month period ended March 31st. The company revealed that the first quarter 2019 is the fifth consecutive quarter of higher subscription revenues and marks its highest recorded subscription revenue and total revenue in a quarter as well as its highest gross margin of 81.4%.
Other financial highlights include:
Total revenue for the quarter ended March 31, 2019 increased by 48.4% to $463 thousand, compared to $312 thousand for the quarter ended March 31, 2018.- Subscription revenue for the quarter ended March 31, 2019 increased by 140.5% to $303 thousand, compared to $126 thousand for the quarter ended March 31, 2018.
- Gross margin percentage for Q1 2019 was 81.4% compared to 73.7% in Q1 2018.
- Total comprehensive loss for the quarter ended March 31, 2019 was $319 thousand compared to $250 thousand for the same period in 2018.
- As at March 31, 2019, the Company’s cash balance was $2.35 million compared $404 thousand at March 31, 2018and $2.54 million at December 31, 2018.
Founded in 2014, Katipult describes itself as a leading software solution for brokerage, development, and investment firms in need of an online syndication or crowdfunding platform. The company’s software notably boasts the latest, powerful features and tools to launch a successful real estate or equity crowdfunding platform.
“The greatest barrier to success in the real estate development business is financing, and then selling. Katipult can assist both of these functions whether your platform will be solely for a private investor network or open to the public.”