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[NewJerichoMan]

TraceSafe Announces Record-Breaking Q2 2021 Financials; Year-to-Date Revenue Now Exceeds 2020 Full Year Revenue

https://www.newsfilecorp.com/release/90931/TraceSafe-Announces-RecordBreaking-Q2-2021-Financials-YeartoDate-Revenue-Now-Exceeds-2020-Full-Year-Revenue


Vancouver, British Columbia--(Newsfile Corp. - July 21, 2021) - Tracesafe Inc., (CSE: TSF) ("TraceSafe") a global leader in location-aware Internet of Things (IoT) platforms for large-scale industrial and enterprise operations, announced today it will recognize $3.4 million USD in revenue for Q2. The company filed Q2 financials on SEDAR on July 21. The same report can be found on the company's website at: tracesafe.io/investors.

First quarter 2021 financial highlights:

Q2 revenue of $3.4 million USD, up 6.6x over Q2 2020;
Together, Q1 and Q2 revenue now exceeds 2020 full year revenue;
Gross margin for Q2 was $389,140, an increase of 100% compared to the Q2 2020;
Current trends expected to continue into Q3 and throughout 2021 with sales pipeline deals.

Second quarter 2021 business highlights:

TraceSafe is currently pivoting towards higher levels of software support revenue in addition to ongoing hardware sales and is moving away from solely providing contact tracing solutions. Current areas of expansion are asset tracking, employee time and attendance, and worker safety. Customers currently using TraceSafe's contact tracing hardware can expect add-ons to various TraceSafe devices, including RFID and rechargeable batteries, over the coming months.

As of July 21, 2021, in addition to agreements with Calgary Stampede, Oil Search, and others, orders have been received from three different cruise line companies to provide products on an ongoing basis. These three contracts encompass a mixture of hardware deliverables and software support. With deliveries that commenced in late June, the majority of revenue will be realized in Q3.