- SRAX Inc released its unaudited financial results for 4QFY2020 on March 29, 2021
- The company reported Q4 revenues of $4.5 million, up 316% YoY whilst also revealing that it had achieved $200 thousand in net income in final quarter of the year
- SRAX’s Sequire platform saw the number of corporate subscribers on its platform increase to 183 companies (vs 92 companies as of Q3)
- SRAX raised its sales guidance for FY2021 to $23-25mn, implying YoY growth rate of 164-187%
SRAX (NASDAQ: SRAX), a digital marketing pioneer focused on providing consumer data management services, released its unaudited financial results for the fourth quarter of 2020 on March 29, 2021 (https://ibn.fm/TYdrY). The company reported Q4 revenues of $4.5 million, up 316% year-over-year, while reporting net income of $200,000 over the same period.
- SRAX reported Q4 revenues of $4.5 million, up 316% year-over-year and up 74% quarter-on-quarter
- SRAX reported Q4 net income of $200,000, a significant increase relative to the net loss of -$4.4 million witnessed in Q4 of 2019
- SRAX reported FY2020 revenues of $8.7 million, an increase of 141% year-over-year relative to the 2019 fiscal year
- SRAX reported FY2020 net income of -$14.7 million, with the net loss narrowing compared to FY2019’s -$16.9 million.
- SRAX revealed that the company’s gross margins for Q42020 had risen to 73% (versus 70% for FY2020 and 44% for Q42019)
In addition to releasing its fourth quarter and FY2020 results, SRAX also seized upon the opportunity to provide its shareholders and the market with a series of operational updates as to the ongoing status of its business.
SRAX raised its FY2021 sales guidance from $17-$18 million previously to $23-25 million, a substantial increase implying a growth rate of between 164 – 187% year-over-year for FY202, with the company revealing that Sequire, its investor intelligence SaaS platform, had enjoyed a remarkable uptick in its business operations, recording its eighth consecutive quarter of growth.
Sequire secured bookings of $4.8 million and $10 million for the fourth quarter of 2020 and first quarter of 2021, respectively, while also seeing its corporate subscriber base swell to 183 publicly listed companies, up from 92 companies as of their Q3 2020 update. In addition to its new corporate clients, SRAX announced that Sequire would recognize $16.5 million in revenues based on its existing contracts over the course of the 2021 fiscal year.
While SRAX’s organic revenue growth was impressive in its own right, the company also revealed that it had generated gross proceeds of $8 million through the sale of a position in TI Health (formerly known as SRAXmd). In addition, the company also added that it held approximately $23.8 million worth of publicly listed securities which it would potentially seek to monetize in the future.
“We are making great progress with our platform and we are seeing continued adoption of the products that we are building for issuers. We had another record quarter of bookings for Sequire. In the first quarter of 2021 we have closed over $10 million in contracts,” stated SRAX Founder and CEO Christopher Miglino following the results announcement. “Our team did an amazing job in delivering a number of cutting-edge technological improvements to the platform and they have laid the foundation for some amazing enhancements that we will bring to market throughout the rest of this year.”
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.investorwire.com
InvestorWire is part of the InvestorBrandNetwork.