NowVertical Group Reports Fourth Quarter and Full Year 2023 Financial Results

TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”), a leading data analytics and AI solutions company, today announced audited financial results for its fourth fiscal quarter ended December 31, 2023. All figures are in U.S. dollars unless otherwise stated.

“Our operating model is evolving to better align with our strategic vision, driven by the integration of our business units. By consolidating formerly distinct businesses into a cohesive global framework, we are enhancing our solutions and services, streamlining resources and costs, and leveraging modern data and AI technologies. This strategic consolidation empowers us to deliver enhanced value propositions to our key accounts, collaborating closely with them to achieve tangible business outcomes and expand sales,” stated Sandeep Mendiratta, Chief Executive Officer.

Select results for the three months ended December 31, 2023:

• Revenue was $10.1 million in the three months ended December 31, 2023, an increase of 20% over $8.4 million in the three months ended December 31, 2022. See year end adjustments below.
• Gross Profit was $6.3 million or 59% in the three months ended December 31, 2023, an increase of 75% over $3.6 million or 43% in the three months ended December 31, 2022.
• Loss from operations was $0.5 million in the three months ended December 31, 2023, an increase of 77% over $2.2 million in the three months ended December 31, 2022.
• Net loss was $3.6 million in the three months ended December 31, 2023, consistent with a loss of $3.6 million in the three months ended December 31, 2022.
• Adjusted EBITDA¹ was $0.8 million in the three months ended December 31, 2023, and increase of 358% over a $0.3 million loss in the three months ended December 31, 2022.
  

Select results for the year ended December 31, 2023:

• Revenue was $51.7 million in the year ended December 31, 2023, an increase of 91% over $27.7 million in the year ended December 31, 2022. See year end adjustments below.

• Gross Profit was $26.7 million in the year ended December 31, 2023, an increase of 130% over $11.6 million in the year ended December 31, 2022.

• Loss from operations was $0.07 million in the year ended December 31, 2023, an increase of 99% over $7.9 million in the year ended December 31, 2022.

• Net loss was $5.9 million in the year ended December 31, 2023, an increase of 38% over $9.5 million in the year ended December 31, 2022.

• Adjusted EBITDA¹ was $5.4 million in the year ended December 31, 2023, an increase of 378% over a $1.9 million loss in the year ended December 31, 2022.

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