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Field Service App Platform

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Protect workers, the public, and the environment

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TrueContext Reports Annual and Q4 2023 Financial Results

Achieves 15% Recurring Revenue Growth and Profitability in Q4

TrueContext Corporation (TSXV: TCXT), (“TrueContext” or the “Company”) the global leader in field intelligence, announced today its annual and fourth quarter (Q4) financial results for the period ended December 31, 2023. All amounts are in US dollars unless otherwise stated.

Achievements in the 2023 financial year include strong overall growth in recurring revenue combined with attainment of profitability in Q3 and $570,000 of operating income in Q4.

TrueContext recently announced the signing of a definitive agreement relating to an all-cash acquisition by Battery Ventures. In light of this announcement, the Company will forego its quarterly earnings call-in connection with these results.

 Financial Highlights – 2023 Year (All results in USD)

  • Recurring revenue for the year-ended December 31, 2023 increased by 15% to $23.33 million compared to $20.37 million for 2022.
  • Total revenue for the year-ended December 31, 2023 increased by 14% to $24.37 million compared to $21.33 million for 2022.
  • Gross margin for 2023 was $21.23 million or 87% of total revenue compared to $18.18 million or 85% in 2022. Gross margin on recurring revenue was 91% for 2023 compared to 90% for 2022.
  • Operating loss was $1.66 million, for the year-ended December 31, 2023 down from $4.33 million for 2022.
  • Net loss for the year-ended December 31, 2023 was $2.15 million compared to a net loss of $4.45 million in 2022.
  • As at December 31, 2023, the Company’s cash and net working capital balances were $7.13 million and $1.13 million respectively.

Financial Highlights – 2023 Fourth Quarter

  • Recurring revenue in Q4 2023 increased by 16% to $6.15 million compared to $5.29 million in Q4 2022 and increased by 3% compared to $5.96 million in Q3 2023.
  • Total revenue for Q4 2023 increased by 13% to $6.31 million compared to $5.61 million in Q4 2022 and increased by 2% compared to $6.16 million in Q3 2023.
  • Gross margin for Q4 2023 was 89% of total revenue compared to 87% in Q4 2022 and 87% in Q3 2023. Gross margin on recurring revenue was 92% for Q4 2023 compared to 91% in Q4 2022 and 91% in Q3 2023.
  • Operating income for Q4 2023 was $0.57 million, compared to an operating loss of $0.45 million in Q4 2022 and an operating loss of $0.22 million in Q3 2023.
  • Net income for Q4 2023 was $0.39 million, compared to a net loss of $0.55 million in Q4 2022 and a net loss of $0.27 million in Q3 2023.

Please refer to https://truecontext.com/about/investor-relations/ for full financial statements, management discussion and analysis and a downloadable spreadsheet version of our quarterly information.

About TrueContext

TrueContext is a global leader in field intelligence. The Company’s field workflows and data collection capabilities enable enterprise field teams to optimize decision-making, decrease organizational risk, maximize the uptime of valuable assets, and deliver exceptional service experiences. Over 100,000 subscribers use the Company’s product across multiple use cases, including asset inspection, compliance, installation, repair, maintenance, and environmental, health & safety with quantifiable business impacts.

The Company is based in Ottawa, Canada, and currently trades on the TSXV under the symbol TCXT. “ProntoForms” and “TrueContext” are registered trademarks of TrueContext Inc., a wholly owned subsidiary of the Company.

Alvaro Pombo
co-Chief Executive Officer
TrueContext Corporation
613.599.8288 ext. 1111
apombo@truecontext.com

Philip Deck
co-Chief Executive Officer
TrueContext Corporation
416.702.3974
pdeck@truecontext.com

Dave Croucher
Chief Financial Officer
TrueContext Corporation
613.286.9212
dcroucher@truecontext.com