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CUPERTINO, Calif., June 27, 2024 /CNW/ - (TSXV:BWLK) (OTCQB:BWLKF) - Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a leading digital ledger platform and enterprise software solutions company, is pleased to report its financial results for fiscal year 2024 ended March 31, 2024. All figures are reported in U.S. dollars, unless otherwise indicated. Boardwalktech's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Financial Highlights: Revenue for Fiscal 2024 totaled $6.0 million compared to $6.5 million for Fiscal 2023, representing an 8% decrease in annual revenue. The portion of revenue from new and recurring SaaS licenses in Fiscal 2024 increased by 12% year-over-year but was offset by a 60% decline in professional services revenue. Annual recurring revenue ("ARR"), a non-IFRS metric, at March 31, 2024 was $5.6 million, a 3% year-over-year increase versus ARR of $5.5 million at March 31, 2023. The Company defines ARR, a non-IFRS metric, as the annual recurring revenue expected based on trailing quarterly revenue from license subscriptions and recurring services. Gross margin for Fiscal 2024 was 89.6%, comparable with 90.6% in Fiscal 2023. Adjusted EBITDA for Fiscal 2024 was a loss of $(1.6) million, comparable with $(1.6) million loss for Fiscal 2023. However, these annual figures do not show the quarterly progress as the Adjusted EBITDA loss for Q4 Fiscal 2024 was $(0.3) million, a 20% improvement over the $(0.4) million Adjusted EBITDA for Q4 Fiscal 2023 and a 10% sequential improvement over Adjusted EBITDA for Q3 Fiscal 2024. Non-IFRS net loss for Fiscal 2024 (as defined in the Non-IFRS Financial Measures section) totaling $(1.6) million, or a loss of $(0.03) per basic and diluted share, versus a $(1.7) million non-IFRS loss in Fiscal 2023, or a loss of $(0.04) per basic and diluted share. Non-IFRS net loss for Q4 Fiscal 2024 was $(0.4) million, a 13% improvement over the $(0.5) million Non-IFRS net loss for Q4 Fiscal 2023 Reported IFRS loss was $(3.1) million in Fiscal 2024, or $(0.6) per basic and diluted share, a 13% improvement versus a $(3.6) million loss in Fiscal 2023, or $(0.08) per basic and diluted share. The improvement was due to a $0.5 million decrease in adjusted operating expenses, with the full impact of the Company's realignment and cost efforts announced in January 2024 expected to be realized during the upcoming fiscal year. The ending cash balance for as of March 31, 2024 was $2.2 million, plus $0.4 million of trade receivables. Outstanding debt as of March 31, 2024 was 2.25 million which was drawn against the previously announced $4 million line of credit from Celtic Bank. Operations Highlights Exiting Fiscal 2024 On October 2, 2023, the Company announced a teaming agreement with Hexaware, a global technology and business process services company, specializes in empowering enterprises to realize the potential of digital transformation at scale and speed by helping them build, transform, run, and optimize technology and business processes. On October 26, 2023, the Company announced a teaming agreement with LTIMindtree, a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. On November 27, 2023, the Company announced it had extended and expanded its commercial engagement with a Fortune 50 technology company for supply chain management, including the execution of its first long-term ...