RIWI releases first quarter financial data

Toronto, Ontario–(Newsfile Corp. – May 22, 2024) – RIWI Corp. (TSXV: RIWI) (OTC PINK: RWCRF) (the “Company” or “RIWI”), a global forecasting and trend tracking technology company, reported its financial results for the quarter ended March 31, 2024. All Amounts are reported in US dollars unless otherwise noted. RIWI’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

RIWI Highlights for the quarter ending March 31, 2024:

• RIWI had revenues of $1,135,847 in the first quarter of 2024, compared to $1,201,240 for the three months ending March 31, 2023, a decrease of 5.4%. This revenue consisted of $429,106 in transaction revenue, $407,337 in recurring revenue, and $299,404 in project-based revenue. RIWI also recorded a net profit of US$27,087 for the three months ending March 31, 2024, compared to a net loss of US$127,944 for the three months ending March 31, 2023.

• On April 24, 2024, RIWI announced the acquisition of a majority of the assets of CoolTool Inc., a leading non-conscious research and data collection platform. Although the acquisition is new, RIWI has begun integrating the CoolTool platform into the RIWI platform and the sales pipeline has already grown to double-digit prospects. Management expects the first deals to close in the second quarter of 2024.

• RIWI signed 19 new customer contracts in the three months ending March 31, 2024, including contract signings with eight new RIWI customers.

• Through the acquisition of CoolTool, RIWI has appointed Dmitry Gaiduk as Chief Product Officer and he will lead product strategy and management.

• RIWI has made significant investments in marketing to build the brand and accelerate lead generation, including participating in various industry events such as Samplecon, Quirks and Insights and Innovation Exchange. Additionally, RIWI updated its website and launched several campaigns across various customer segments, including packaged goods, market research agencies and universities, which are expected to generate revenue in the coming quarters.

• RIWI has invested heavily in data quality through the addition of third-party software packages such as Research Defender and improving processes to prevent fraud at the source. These measures will build customer trust, reduce reconciliation rates and improve transactional revenues over time.

• RIWI was recognized in several publications in the first quarter: Frontiers article on “Patient-Centered Perspective on Perioperative Care”; “Diversity as a Strategic Opportunity: Exploring New Paths for Good Management” by ILGA World; Latinoamerica 21 article: “Challenges to electoral polls in the digital age”; and the Science Direct article “Sociodemographic determinants of COVID-19 vaccine uptake in Ontario: Exploring differences in the health region model.”

The story continues

“RIWI continues to focus on our long-term strategy of building an end-to-end market research technology and data platform. The announcement of the acquisition of CoolTool after the first quarter will further accelerate this strategy and increase our ability to support our clients’ total market research needs,” said Greg Wong, CEO of RIWI. “While we are seeing early positive results from our strategy, RIWI continues to expect to become consistently profitable at an operational level sometime in fiscal year 2020.” 2024.”

RIWI CORP.
Comprehensive Condensed Consolidated Profit (Loss) and Profit (Loss) Interim Statements
For the three months ending March 31, 2024 and 2023
(Unaudited and expressed in US dollars)

RIWI CORP.
Condensed Consolidated Interim Statements of Financial Position
On March 31, 2024 and December 31, 2023
(Unaudited and expressed in US dollars)

The audited Financial Statements and RIWI Management’s Discussion and Analysis for the quarter ended March 31, 2024 are available on the RIWI website at https://riwi.com and on SEDAR in www.sedarplus.ca.

About RIWI

RIWI is a global forecasting and trend tracking technology company. By monthly or annual subscription, RIWI offers its clients tracking research, continuous risk monitoring, predictive analytics and ad effectiveness testing in all countries – without collecting any personally identifiable data. https://riwi.com.

RIWI CORP.

Signed: “Greg Wong”
Greg Wong, CEO

For more information please get in touch investors@riwi.com or call 1-833-FOR-RIWI (367-7494)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

Information and statements contained in this press release that are not historical facts are “forward-looking information” within the meaning of Canadian securities legislation that involves risks and uncertainties. The forward-looking information included herein is made as of the date of this press release and RIWI does not intend and undertakes no obligation to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects the Company’s management’s expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove incorrect, causing actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking information.

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/210115

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