$WEYL Q3 2019 Highlights
Revenue, comprised of recurring subscription fees, totaled a record $9.0 million, up 26% from the previous quarter and up 7% from the year-ago quarter.
Net loss improved 35% from the previous quarter and 46% from the year-ago quarter to a loss of $1.1 million or $(0.01) per share.
Turned adjusted EBITDA positive during the final month of the quarter (see definition of this non-GAAP term, below.)
Increased adoption of the company’s CreateApp mobile app solution for SMBs, which included new customers as well as existing customers subscribing to additional features and modules.
Partnered in the launch of AtozGo™, a short distance food delivery service in Jakarta, Indonesia, followed by joining forces with Grab, the leading online-to-offline mobile platform in Southeast Asia, to market the service. AtozGo addresses the need for a hyper-local, pedestrian-powered food delivery service that can make food delivery from local establishments quick and easy for office workers and urbanites. In three months since launch, lunchtime deliveries have scaled to more than 10,000 per day for 35,000 customers.
Appointed Sim Farar and Andre Peschong to the company’s advisory board. Farar’s 30 years of experience in both public and private sectors, along with Peschong’s more than 25 years of senior management and capital markets experience, will provide the board with important insights and guidance as it pursues its plans for organic and acquisitive growth.
Raised gross proceeds of approximately $6.4 million In a private placement offering.
Cash and cash equivalents totaled $5.8 million at September 30, 2019.
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