- INEO Tech Corp. (INEO) recorded a 50 per cent increase in revenue and a 92 per cent increase in gross profit in the second quarter
- INEO generated $386,425 of revenue for the three months ended December 31, 2022
- INEO generated $181,210 in gross profit for the three months ended December 31, 2022
- Kyle Hall, CEO of INEO, met with Sabrina Phillips to discuss the company’s progress
- INEO operates the INEO Media Network, a digital advertising and analytics solution for retailers
- INEO Tech Corp. (INEO) is currently trading at C$0.12 per share
INEO Tech Corp (INEO) recorded a 50 per cent increase in revenue and a 92 per cent increase in gross profit in Q2.
Q2 2023 financial highlights:
- Generated $386,425 of revenue for the three months ended December 31, 2022, representing an increase of 50 per cent as compared to revenue of $256,987 for the three months ended December 31, 2021.
- Generated $181,210 in gross profit for the three months ended December 31, 2022, a 92 per cent increase over the quarter ended December 31, 2021
- Achieved gross margin percentage of 46.89 per cent for the three months ended December 31, 2022
- Net loss for the three months ended December 31, 2022, was $981,707 or $0.01 per share
- Adjusted EBITDA loss for the three months ended December 31, 2022, was $856,281,
- INEO had $2,346,017 of cash and cash equivalents on December 31, 2022, compared to $1,706,048 of cash and cash equivalents on June 30, 2022.
Q2 2023 business highlights:
- On October 19, 2022, INEO filed for a design patent in Canada for its INEO Welcoming Gate system. This patent has now been extended with a global priority filing to include the United States and Europe.
- On November 17, 2022, INEO completed capital raises for total proceeds of C$2.74 million. The company intends to use the net proceeds for the manufacturing and deployment of the INEO Welcoming System
Kyle Hall, CEO of INEO, met with Sabrina Phillips to discuss the company’s progress.
“We have been making great strides in pushing forward the key INEO business initiatives. In the next quarter, we expect to install a record number of systems in retail stores in the United States. Our technology has been accepted as unparalleled in the retail industry, and we are building solid long-term relationships with our customers.”
INEO Tech Corp., through its wholly-owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers.
INEO Tech Corp. (INEO) is currently trading at C$0.12 per share.
