NERDS INCREASES 2020 Revenue by 14%, and Decreases Net Loss by 40% over 2019
"Our focus remains driving up the pleasure, productivity and profitability of technology in the lives of our SME and corporate clients across
Highlights
- Revenue for the year ended
May 31, 2020 was$10,143,336 as compared to$8,906,433 for the year endedMay 31, 2019 , an increase of$1,236,903 or 14%. - Gross profit for the year ended
May 31, 2020 was$2,639,410 as compared to$2,265,522 for the year endedMay 31, 2019 , an increase of$373,888 or 16%. Gross margin for 2020 was 26% was compared to 25% for 2019. - Selling, general and administrative expenses for the year ended
May 31, 2020 was$4,470,336 as compared to$5,272,185 for year endedMay 31, 2019 , a reduction of$801,849 or 15%. - Cash used in operating activities was (
$1,605,328 ) for the year endedMay 31, 2020 , compared to ($3,617,077 ) or the year endedMay 31, 2019 , reflecting an improvement in cash used in operations of$2,011,749 . - Net loss for the year ended
May 31, 2020 was ($2,034,711 ) as compared to ($3,423,321 ) for the year endedMay 31, 2019 , a decrease of$1,388,610 or 40%. - Loss per share-basic and diluted was (
$0.0236 ) for the year endedMay 31, 2020 as compared to ($0.0478 ) for the year endedMay 31, 2019 , a reduction in loss per share by 51%.
In this current COVID-19 pandemic era, the Company has instituted new safety protocols with its NERDS team and throughout the Company's on-site service procedures with our Clients. The Company is prioritizing its ongoing response to the increase in cybercrime activity and the resulting monetization efforts of this criminal activity 6-12 months (and beyond) down the road.
"Our priorities going forward include the expansion of our partnership efforts in the
The full financials statements and MD&A are available at www.sedar.com.
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