Lift & Co. (TSXV:LIFT,OTCQB:LFCOF) issued its financial and operational results for Q4 and fiscal 2019.
As quoted in the press release:
The Company is pleased to report another fiscal year of triple-digit revenue growth. Revenues grew 150 percent to C$5.8 million for the year and grew 130 percent to C$2.5 million for the quarter. The revenue increase for the year is the result of growth across all of the Company’s revenue streams.
“We are pleased with the momentum that we’re seeing across the Company for all platform products,” said Matei Olaru, CEO of Lift & Co. “We experienced a year of triple-digit revenue growth and have achieved numerous milestones during our first seven months as a publicly traded company. Most importantly, we are seeing returns from our strategy to develop a platform of digital marketing products that both generate revenue and double down as data mousetraps. It is our belief that in addition to the revenue it generates, the data we gather through our website lift.co creates a differentiated data product for the emerging cannabis-CPG industry by combining cannabis consumer behavioural and transactional data, differentiating us from cannabis data peers.”
FISCAL YEAR 2019 FINANCIAL HIGHLIGHTS
- Revenues for the year ended March 31,2019 increased by $3.5 million, an increase of 150 percent compared to the prior fiscal year
- Event Marketing revenues increased by $2.8 million, an increase of 134 percent compared to the prior fiscal year
- Net loss for the twelve months ended March 31, 2019 was $7,956,982 compared to a net loss of C$5,987,399 for the same period in 2018