Cloud DX Reports Results for the First Quarter of 2024

Cloud DX Inc. has released its financial results for the first quarter of 2024, highlighting significant growth in various financial aspects. The company reported a 23.7% increase in total revenue, which reached $702,558. This growth was driven by new contracts and the expansion of existing ones.

The gross profit saw a substantial rise of 70.9%, totaling $664,612, compared to the same period in 2023. The company also improved its EBITDA by 45.8% and reduced its net loss by 17.8%.

Key developments included the announcement of 26 new contracts or renewals, collectively valued at over $14 million CAD. Significant deals were made with multiple healthcare organizations, including Ontario Paramedics and Ottawa University Research Institute.

Operating expenses decreased by 27.3% due to cost-reduction measures implemented in 2023. Product revenue decreased, but this was offset by a notable increase in professional services revenue.

Looking ahead, Cloud DX announced a private placement aiming to raise up to $2,800,000. The company has also secured significant contracts with entities such as British Columbia Provincial Health Services Authority and local paramedic services.