- Reklaim (MYID) has filed its Q1-2022 financial results
- Financial highlights include a 217 per cent increase in revenue versus Q1, 2021
- Reklaim reported an 87 per cent increase in the number of customers buying data in Q1, 2022
- Reklaim allows consumers to control how their data is collected and compensates them for its use, while also providing advertisers and brands with a compliant data source
- Reklaim Inc. (MYID) opened trading at C$0.085 per share
Reklaim (MYID) has filed Q1-2022 financial results for the three months ending March 31, 2022.
Q1-2022 financial highlights:
- Revenue increased 217 per cent to $390,941 from $123,468 in the same period in 2021
- 87 per cent increase in the number of customers buying data in Q1, 2022 versus Q1, 2021,
- Introduced ‘Reklaim Privacy,’ a new SaaS for consumers who prefer to protect their data rather than sell it
- As of March 31, 2022, cash equivalents were $485,743 compared to $463,620 in the year ended December 31, 2021.
- Reklaim has over 320 million user data profiles from approx 30,000 different partners.
“Data privacy remains at the forefront for governments, technology firms, and consumers,” said Reklaim CEO Neil Sweeney.
“While we are seeing this trend manifest in our growing revenue line, we have begun the acceleration of reducing our cost structure. As we signaled in Q4, after two years of building scale, distribution, and a dominant consumer-facing brand, 2022 was about streamlining costs to be cash flow neutral by the end of Q2. Combining these two trends, revenue growth and a cash-neutral position, will set Reklaim up for positive operating leverage. We are excited about the progress we have made so far and look forward to providing more updates in the future on how we are tracking.”
Offering compliant, first-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold without the consumer’s explicit consent. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data.
Reklaim Inc. (MYID) opened trading at C$0.085 per share.