- RESAAS Services Inc. (“RESAAS”, “company”), reported Q1-2019 financials, with revenues in-line with our forecast, and significant YoY reductions in operating expenses.
- Significant Revenue Growth: The company reported Q1-2019 revenues (quarter ended March 31, 2019) of $0.26 million (YoY growth of 86.24%). We are maintaining our 2019 revenue forecast of $1.17 million, and our 2020 revenue forecast of $4.02 million.
- Net Loss Significantly Reduced on YoY Basis and Operating Expense Forecasts Lowered: The company reported Q1-2019 net earnings of -$0.69 million (EPS: -$0.01), significantly less negative than Q1-2018’s -$2.75 million (EPS: -$0.17). As a result, we are lowering our operating expense forecasts, which has resulted in a revised 2019 net earnings forecast of -$2.67 million (EPS: -$0.05), from -$5.25 million (EPS: -$0.10).
- Shoring Up Balance Sheet with Cash Infusion: The company has completed a private placement for gross proceeds of $1 million, issuing four million units a price of $0.25 per unit. Each unit comprised a common share and a warrant exercisable at $0.30 per share.
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