Kneat.com Inc (OTCMKTS:KSIOF) Stock On Radar After Earnings Update

Kneat.com Inc (OTCMKTS:KSIOF) is a company which is one of the leaders in the fields of digitizing, quality processes and automating validation. Yesterday it was in the news after it announced its financial results for the quarter that had ended on March 31, 2023.

Trading Data

On Tuesday, KSIOF stock decreased 2.23% to $1.8880 with more than 205 shares, compared to its average volume of 2.38K shares. The stock moved within a range of $1.8880 – 1.8880 after opening trade at $1.8880.

Kneat Announces Record Revenue for First Quarter 2023

It could be a good move from investors to now take a look into some of the highlights from the company’s financial results. Kneat.com managed to generate revenues of C$8 million for the quarter, which reflected a year on year rise of as much as 53%. The Annual Recurring Revenue went up by 100% year on year to touch C$26.9 million.

The Annual Recurring Revenue for Software as a Service or SaaS went up 113% year on year to hit C$26.3 million. The adjusted EBITDA came in at C$1 million as opposed to C$0.1 million in the prior year period.The Chief Executive Officer of the company Eddie Ryan spoke about the performance as well.

He noted that the company was pleased with the performance and then went on to provide a snapshot of the positives. He noted that the teams at companies which are responsible for the quality processes recognized the sort of value that the quality processes of Kneat provide.