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.
Financial Results for the Six Months Ended June 30, 2021 :
- Revenue: For the six months ended June 30, 2021, revenue was $2.2 million, an increase of $0.2 million, or 10%, compared with $2.0 million for the same period last year.
- Gross Profit: For the six months ended June 30, 2021, gross profit was $1.5 million, an increase of $0.2 million, or 11%, compared with $1.4 million for the same period last year. The resulting gross margin was 67.7%, compared with 67.0% for the same period last year.
- Total Operating Expenses: For the six months ended June 30, 2021, total operating expenses were $3.6 million, an increase of $0.3 million, compared with $3.3 million for the same period last year. Operating expenses as a percentage of revenue decreased to 161% from 162% for the periods compared.
- Operating Loss: For the six months ended June 30, 2021, operating loss was $1.4 million, an increase of $0.1 million, compared with an operating loss of $1.3 million for the same period last year.
- Net Loss: For the six months ended June 30, 2021, net loss was $7.3 million, or $0.00 per share, compared with $2.6 million, or $0.00 per share, for the same period last year. Of note, net loss for the three months ended June 30, 2021 included $4.0 million loss on extinguishment of debt.
The Company filed its Form 10-Q on August 12, 2021.
Click here https://www.sec.gov/ix?doc=/Archives/edgar/data/1386049/000109690621001956/byoc-20210630.htm to view.
About Beyond Commerce, Inc.
Beyond Commerce, Inc. (OTC Pink:BYOC) is focused on business combinations of "big data" companies in global B2B internet marketing analytics, technologies and services. The Company's objective is to develop and deploy disruptive strategic software technology that will build on organic growth potential and to exploit cross-selling opportunities. Beyond Commerce plans to offer a cohesive global digital product and services platform to provide clients with a single point of contact for their big data, marketing and related sales initiatives. For additional information, please visit: https://beyondcommerceinc.com and https://www.service800.com and
Twitter: @incbyoc
Facebook: fb.me/incbyoc
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the "safe harbor" created by those sections for such statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "design," "estimate," "except," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," or the negatives or other tense of such terms and other similar expressions intended to identify forward-looking statements and similar expressions. We use forward-looking statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.
Contact Information:
investors@beyondcommerceinc.com
p702-675-8022
ClearThink
nyc@clearthink.capital
SOURCE: Beyond Commerce, Inc.
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