EQ Inc. Reports First Quarter Financial Results

EQ Inc. (TSXV:EQ.V), a leader in AI and data-driven solutions, released its financial results for Q1 2024, showing a stable revenue of $1.6 million compared to the previous year. Interest in the company's products, particularly the proprietary SAAS product Clear Lake, grew significantly, with pipeline activities and proposals increasing by more than 50%.

The company's gross margin improved to 41%, and the adjusted EBITDA loss of $0.6 million marked a 40% improvement year-over-year. EQ Inc. attributes these gains to strategic initiatives and higher-margin campaigns. The realignment of company expenses in 2023 also contributed to this positive outcome.

Geoffrey Rotstein, President and CEO, emphasized the focus on AI and data solutions for profitability and growth in 2024. Subsequent to Q1, 20,000 stock options were granted to employees, strengthening the company's commitment to its workforce. These options are exercisable at CDN $1.10 and will expire in May 2029.

Adjusted EBITDA was highlighted as a key measure of performance, though management stresses the importance of considering the full range of financial statements for a comprehensive view. The positive trends in Q1 2024 have set the stage for anticipated revenue surpassing previous years in the upcoming quarters.