Srax reports positive net income for q4 2020 and increases guidance
Los angeles--(business wire)--srax, inc. (nasdaq: srax), a financial technology company that unlocks data and insights for publicly traded companies through sequire, its saas platform, is providing unaudited financial results for q4 of 2020 today, march 29th, 2021. fourth quarter 2020 and recent operational highlights and guidance revenue for q4 of $4.5m up 316% year-over-year, 74% sequentially quarter-over-quarter, exceeding previous guidance. full-year revenue guidance increased from $17m - $18m to $23m - $25m sequire bookings of $4.8m and $10m for q4 and 1q, respectively 8 consecutive quarters of sequire saas growth currently holding approximately $23.8m worth of publicly listed securities 183 public companies/partners have subscribed to sequire, up 92 since our q3 release sold position in ti health (sraxmd) for $8m sequire revenue to be recognized from existing contracts in 2021: $16.5m as of this release. second quarter revenue guidance of $7m bigtoken share exchange completed. bigtoken now listed under ticker:fpvd three months ended december 31, 2020 total revenue was $4.5m, an increase of 316% as compared to the same period in prior year. gross margin was 73%, as compared to 44% in the same period last year. operating expenses were $5.3m as compared to $4.8m in the same period last year. ebitda increase of $3m, ($739k) vs ($3.7m) in q4 2019 srax less bigtoken pro forma ebitda of $255k as compared to ($500k) net income of $200k compared to net loss of $4.4m in the same period last year. full year ended december 31, 2020 total revenue was $8.7m, an increase of 141% as compared to the same period in prior year. gross margin was 70%, as compared to 53% in the same period last year. operating expenses were $17.7, a decrease of $2.1m, or 11% as compared to the same period last year. ebitda was -$8.4m as compared to -$15.5m last year. net income was -$14.7m compared to -$16.9m in the same period last year. “we are making great progress with our platform and we are seeing continued adoption of the products that we are building for issuers. we had another record quarter of bookings for sequire. in the first quarter of 2021 we have closed over $10 million in contracts. this momentum is not slowing down and we are growing the business to accommodate this demand,” said christopher miglino, founder and ceo of srax. “our team did an amazing job in delivering a number of cutting-edge technological improvements to the platform and they have laid the foundation for some amazing enhancements that we will bring to market throughout the rest of this year. i could not be more proud of the hard work and dedication that the team has demonstrated as our sales continue to skyrocket,” added miglino. video call: management will review the results on a video call, with a live question and answer session, march 29th, 2021 at 1:30 pm pt/4:30 pm et. to register for the live webcast and presentation, please sign up here: http://srax-earnings-call.mysequire.com non-gaap measures: to supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the united states (gaap), we use the following non-gaap financial measures: ebitda. the presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with gaap. investors are cautioned that there are material limitations associated with the use of non-gaap financial measures as an analytical tool. in addition, these measures may be different from non-gaap financial measures used by other companies, limiting their usefulness for comparison purposes. we compensate for these limitations by providing specific information regarding the gaap amounts excluded from these non-gaap financial measures. we believe these non-gaap financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. for more information on our non-gaap financial measures and a reconciliation of gaap to non-gaap measures, please see the "reconciliation of gaap to non-gaap results" table in this press release. srax less bigtoken ebitda is defined as earnings before interest, taxes, depreciation and amortization, changes in the fair-value of derivative and warrant liabilities and certain additional one-time charges and excluding the results from the bigtoken carved-out entity. about srax: srax (nasdaq: srax) is a financial technology company that unlocks data and insights for publicly traded companies. through its premier investor intelligence and communications platform, sequire, companies can track their investors’ behaviors and trends and use those insights to engage current and potential investors across marketing channels. for more information on srax, visit srax.com. safe harbor statement: this press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the u.s. private securities litigation reform act of 1995. words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect" or variations of such words and similar expressions are intended to identify such forward-looking statements. these forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to increase our revenues, satisfy our obligations as they become due, report profitable operations and other risks and uncertainties as set forth in our annual report on form 10-k for the year ended december 31, 2019, and our subsequent quarterly reports on form 10-q as filed with the securities and exchange commission. all forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of srax and are difficult to predict. srax undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. srax segment operating results: sequire bigtoken corporate and other consolidated 2020 2019 2020 2019 2020 2019 2020 2019 2,970,000 46,000 - - - - 2,970,000 46,000 506,000 - - - - - 506,000 - - - 996,000 987,000 - - 996,000 987,000 - - - - 52,000 55,000 52,000 55,000 3,476,000 46,000 996,000 987,000 52,000 55,000 4,524,000 1,088,000 888,000 7000 309,000 600,000 5,000 -2,000 1,202,000 605,000 2,588,000 39,000 687,000 387,000 47,000 57,000 3,322,000 483,000 74.5 % 84.8 % 69.0 % 39.2 % 90.4 % 103.6 % 73.4 % 44.4 % 1,501,000 174,000 1,444,000 2,471,000 2,394,000 2,114,000 5,339,000 4,759,000 1,087,000 -135,000 -757,000 -2,084,000 -2,347,000 -2,057,000 -2,017,000 -4,276,000 sequire bigtoken corporate and other consolidated 2020 2019 2020 2019 2020 2019 2020 2019 5,781,000 87,000 - - - - 5,781,000 87,000 503,000 - - - - - 503,000 - - - 2,140,000 3,228,000 - - 2,140,000 3,228,000 - - - - 223,000 268,000 223,000 268,000 6,284,000 87,000 2,140,000 3,228,000 223,000 268,000 8,647,000 3,583,000 1,783,000 7,000 800,000 1,613,000 6,000 61,000 2,589,000 1,681,000 4,501,000 80,000 1,340,000 1,615,000 217,000 207,000 6,058,000 1,902,000 72 % 92 % 63 % 50 % 97 % 77 % 70 % 53 % 3,412,000 462,000 5,933,000 10,751,000 8,310,000 8,521,000 17,655,000 19,734,000 1,089,000 -382,000 -4,593,000 -9,136,000 -8,093,000 -8,314,000 -11,597,000 -17,832,000 srax statement of operations 2020 2019 $ chg % chg 2020 2019 $ chg % chg 8,647,000 3,584,000 5,063,000 141 % 4,522,000 1,087,000 3,435,000 316 % 2,589,000 1,680,000 909,000 54 % 1,201,000 605,000 596,000 99 % 6,058,000 1,904,000 4,154,000 218 % 3,321,000 482,000 2,839,000 589 % 70 % 53 % 73 % 44 % 7,895,000 8,656,000 (761,000 ) -9 % 2,489,000 1,926,000 563,000 29 % 2,675,000 2,454,000 221,000 9 % 1,044,000 252,000 792,000 314 % 1,667,000 1,738,000 (71,000 ) -4 % 486,000 579,000 (93,000 ) -16 % 1,303,000 1,164,000 139,000 12 % 341,000 330,000 11,000 3 % 4,115,000 5,750,000 (1,635,000 ) -28 % 958,000 1,681,000 (723,000 ) -43 % 17,655,000 19,762,000 (2,107,000 ) -11 % 5,318,000 4,768,000 550,000 12 % (11,597,000 ) (17,858,000 ) 6,261,000 -35 % (1,997,000 ) (4,286,000 ) 2,289,000 -53 % (12,150,000 ) (725,000 ) (11,425,000 ) 1576 % (6,810,000 ) (366,000 ) (6,444,000 ) 1761 % 9,000 (9,000 ) -100 % - 9,000 0 % 7,873,000 658,000 7,215,000 1097 % 7,873,000 263,000 7,519,000 2859 % - - n/a (8,000 ) (14,000 ) 6,000 -43 % 12,000 (12,000 ) -100 % - 354,000 0 % 874,000 - 874,000 n/a 1,158,000 - n/a 321,000 1,045,000 (724,000 ) -69 % - (345,000 ) 345,000 -100 % (3,082,000 ) 999,000 (4,081,000 ) -409 % 2,213,000 (99,000 ) 2,312,000 -2335 % (14,679,000 ) (16,859,000 ) 2,180,000 -13 % 216,000 (4,385,000 ) 4,601,000 -105 % (26,000 ) (26,000 ) n/a (26,000 ) - (26,000 ) n/a (14,705,000 ) (16,859,000 ) 2,154,000 -13 % 190,000 (4,385,000 ) 4,575,000 -104 % srax balance sheet 451,000 32,000 2,608,000 805,000 367,000 - 8,447,000 715,000 - 306,000 11,873,000 1,858,000 893,000 - 118,000 191,000 23,351,000 15,645,000 2,409,000 1,966,000 366,000 456,000 3,000 118,000 39,013,000 20,234,000 3,561,000 2,442,000 - 4,397,000 8,711,000 537,000 747,000 - 6,016,000 - 19,035,000 7,376,000 243,000 352,000 379,000 - - 131,000 19,788,000 7,728,000 19,225,000 12,506,000 39,013,000 20,234,000 srax statement of cash flows 2020 2019 (6,489,000) (15,350,000) 984,000 - 570,000 (697,000) (73,000) (1,205,000) (1,292,000) 32,000 (886,000) (795,000) 13,268,000 (6,980,000) 960,000 (100,000) 1,084,000 2,130,000 (2,500,000) 12,197,000 1,196,000 7,862,000 13,393,000 487,000 (2,752,000) 32,000 2,784,000 519,000 32,000 operating results srax less bigtoken 2020 2019 2020 2019 2020 2019 4,524,000 1,088,000 994,000 986,000 3,530,000 102,000 1,202,000 605,000 309,000 600,000 893,000 5,000 3,322,000 483,000 685,000 386,000 2,637,000 97,000 73% 44% 69% 39% 75% 95% 4,062,000 4,132,000 1,680,000 3,536,000 2,382,000 596,000 (740,000) (3,649,000) (995,000) (3,150,000) 255,000 (499,000) 1,277,000 627,000 759,000 561,000 518,000 66,000 (2,017,000) (4,276,000) 685,000 386,000 (2,702,000) (4,662,000)
