Beyond Commerce Reports 43% Increase in Revenue for its Q2 2021
LAS VEGAS, NV / ACCESSWIRE / August 16, 2021 / Beyond Commerce, Inc. (OTC Pink:BYOC) (the "Company"), a provider of B2B internet marketing analytics, technologies and services, today announced the Company's financial results for the second quarter ended June 30, 2021 ("Q2 2021").
Key Financial Highlights for Q2 2021 (compared with Q2 2020)
Revenue increased 43% to $1.1 million
Gross profit increased 46% to $0.8 million
Gross margin increased to 69.5% from 68.3%
Management Commentary
Geordan Pursglove , Beyond Commerce's Chief Executive Officer, stated, "Many of our Service 800 clients took the time during the pandemic to begin strategic planning with us to grow their business with us through renewals, expansion, and developing better ways to grow our programs with each and every one of them for the future. Renewals have been strong during the last six months and we anticipate revenue getting back in line with exceeding our expectations as we progress further into the year."
Pursglove, concluded, "The pandemic helped our customers recognize the value that Service 800 brings to its clients in the form of providing valuable information to not only help their growth within their own companies, but also help them be better providers to their customers as well. We continue to look forward to growth into each division of our clients. We value these customers and seek to achieve positive growth we have set for the remainder of the year and moving onwards for future years to come."
Financial Results for the Three Months Ended June 30, 2021 :
Revenue: For the three months ended June 30, 2021 , revenue was $1.1 million , an increase of $0.3 million , or 43%, compared with $0.8 million for the three months ended June 30, 2020 .
Gross Profit: For the three months ended June 30, 2021 , gross profit was $0.8 million , an increase of $0.2 million , or 46%, compared with $0.5 million for the three months ended June 30, 2020 . The resulting gross margin was 69.5%, compared with 68.3% for the same quarter last year.
Total Operating Expenses: For the three months ended June 30, 2021 , total operating expenses were $2.0 million , an increase of $0.5 million , or 31%, compared with $1.5 million for the same quarter last year. Operating expenses as a percentage of revenue decreased to 176% from 193% for the quarter just ended, reflecting the Company's focus on increasing revenue, reducing expenses, and performing more efficiently. Management believes this ratio will decrease going forward as revenues continue to grow at a higher rate than operating expenses.
Operating Loss: For the three months ended June 30, 2021 , operating loss was $0.9 million , an increase of $0.1 million , compared with an operating loss of $0.7 million for the same quarter last year.
Net Loss: For the three months ended June 30, 2021 , net loss was $1.1 million , or $0.00 per share, compared with a net loss of $2.1 million , or a net loss of $0.00 per share, for the three months ended June 30, 2020 . Of note, net loss for the three months ended June 30, 2021 included $0.3 million gain on cancellation of liabilities.
Cash: Cash and cash equivalents totaled $0.5 million as of June 30, 2021 .
