Artificial Intelligence company, AnalytixInsight Inc.
(“AnalytixInsight”, or the “Company”) (TSX-V: ALY), a
financial content and enterprise software solutions provider,
reports its financial results for the first quarter ended March 31,
2023, and provides a corporate update including that of MarketWall,
the Company’s 49%-owned fintech affiliate. MarketWall increased
revenue by 107% to $2,671,151 and reported net profit of $1,093,731
in its strongest quarter to date.
Key Business Highlights
- Development of key AI-based attributes including sentiment
analysis tools using unique proprietary algorithms and data mapping
techniques to measure, analyze, and develop scores for unstructured
data elements that influence stock price movements;
- Enhanced AI engine by adding unique NLP features for narrative
creation with advanced learnings, particularly for peer group
comparisons and ETF holdings;
- 10,229 AI-generated research reports were published for an
aggregate of approximately 85,000 reports published across 40
countries under the Company’s AI-driven research initiative with
Refinitiv;
- MarketWall license agreement with Intesa Sanpaolo increased
consideration payable by Intesa Sanpaolo from 1.2 million to 4
million euros annually;
- InvestoPro users grew under the agreement with Samsung
Electronics Italia to profile the InvestoPro digital trading
platform to Samsung users; and
- Advanced Euclides through new strategic partner relationships
to enhance value and develop product roadmap for workforce
management modules using advanced AI and data analytics.
Key Financial Highlights for the Three Months Ended March 31,
2023
- AnalytixInsight revenue was $178,284 for the quarter.
Profitability improved substantially to net loss of $214,321,
compared to net loss of $995,657 in the prior year comparable
period, driven by the share of income from investment in
MarketWall;
- AnalytixInsight working capital at March 31, 2023 was
$3,784,227; and
- MarketWall reported its strongest quarter to date, growing
revenue by 107% to $2,671,151, and improving net profit to
$1,093,731, which compares to revenue of $1,292,011 and net loss of
$193,794 in the prior year comparable period.
AnalytixInsight’s ownership of MarketWall is 49% and thus
MarketWall is not consolidated in AnalytixInsight’s financial
results. MarketWall’s financial results include the consolidation
of its wholly owned subsidiary InvestoPro.
Management Commentary
“These first quarter results demonstrate the positive impact
that MarketWall is having on our business,” commented Prakash
Hariharan, Chairman and CEO of AnalytixInsight. “MarketWall posted
strong financial results on the back of the new recurring revenue
license agreement with our bank partner, which positions us on a
pathway toward profitability and growth. InvestoPro’s assets under
custody grew during the quarter, boosted by its Samsung partnership
and retail user interest in its unique product offering.”
MarketWall License Agreement Renewal
During the quarter, MarketWall executed a renewed product
licensing and IT services agreement (the “Agreement”) with Intesa
Sanpaolo, pursuant to which the latter agreed to pay MarketWall 4
million euros per year. The Agreement is in relation to licensing
rights granted to Intesa Sanpaolo for the Intesa Sanpaolo Investo
App, which was developed by MarketWall, and replaces a previous
agreement under which Intesa Sanpaolo was paying MarketWall
approximately 1.2 million euros per year. The Agreement is for an
initial two-year term beginning January 1, 2023, plus a renewal
option by Intesa Sanpaolo for a subsequent two-year term. Pursuant
to the Agreement, Intesa Sanpaolo has paid to MarketWall the annual
consideration for the first year. The Agreement also includes
alignment on a path towards the monetization of MarketWall
including, subject to several conditions and approvals, a potential
initial public offering to reflect the growth in value of the
business.
InvestoPro
InvestoPro is the digital online stock trading platform launched
by AnalytixInsight, MarketWall, and Intesa Sanpaolo through
MarketWall’s wholly owned subsidiary, InvestoPro SIM S.p.A.
InvestoPro SIM S.p.A. has developed its leading-edge platform,
trade execution functions, and user applications in partnership
with Intesa Sanpaolo.
InvestoPro EVO has been developed as a comprehensive
multi-device trading platform (e.g., mobile, wearables, smart-TV)
that offers online stock trading and fintech-enabled services
combined with research and financial education.
InvestoPro GO has been developed as a simplified version that
has been purposefully designed for Samsung users in conjunction
with InvestoPro’s agreement with Samsung Electronics Italia.
InvestoPro & Samsung
InvestoPro SIM S.p.A. entered into an agreement with Samsung
Electronics Italia in November 2022, pursuant to which Samsung
agreed to profile the InvestoPro trading platform on Samsung’s
Quick Access, the start page of the Samsung Internet Browser.
Samsung has millions of monthly active Samsung Internet users who
utilize Quick Access, which profiles clickable icons for leading
brands to users each time they use their browser and allows users
to easily reach partner websites.
CapitalCube
CapitalCube continues to develop sentiment analysis tools to
measure and score unstructured data elements that influence stock
price movements. These unstructured data elements include social
media sentiment analysis, short interest scores, business
relationship insights, news sentiment, and unique sentiment driven
ESG scores. These sentiment analysis tools align with the Company’s
strategy to build unique and disruptive AI and machine learning
tools for the capital markets and wealth management industries to
evaluate the recent proliferation of sentiment-driven trading and
asymmetric behavioural responses to information flows, particularly
that observed in social media.
Under the Company’s Refinitiv AI-driven research initiative,
CapitalCube published 10,229 company research reports during the
first quarter of 2023. Approximately 85,000 research reports have
been published in 40 countries under the Refinitiv initiative since
October 2018. The Company believes its ability to generate
machine-created research reports and AI-based fundamental financial
analysis on virtually all publicly traded companies worldwide is a
market differentiator for trading platforms within the industry,
wherein we see both regulators and platform providers are seeking
tools to automate the alignment of trading permissions that are
matched with the investor’s risk appetite.
Euclides
AnalytixInsight’s workforce management division, Euclides
Technologies, has entered into a new relationship with a leading
field service solutions provider which the Company anticipates will
contribute a pipeline of projects expected to generate increasing
revenue in 2023. Euclides Technologies is also advancing the
development of zero-touch workforce management modules with data
analytics and machine learning algorithms. The Company is
undergoing a strategic review of this division considering the
Company’s increasing focus within the fintech industry and expects
this new business relationship and new product development to
improve the business value of this division.
Complete details of the Company’s financial and operating
results are available under the Company’s profile at
www.SEDAR.com.
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight is a data analytics and enterprise software
solutions provider to world-leading institutions across various
industries. AnalytixInsight develops and markets cloud-based
platforms providing financial content, stock trading, and research
solutions for banks, brokers, and investors in the financial
services industry. AnalytixInsight holds a 49% interest in
MarketWall, a developer of fintech solutions for financial
institutions. Visit AnalytixInsight.com.
Regulatory Statements
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding the Company’s business operations and
objectives, particularly respecting InvestoPro’s anticipated
growth; the Company’s ability to build sentiment analysis tools and
to become profitable and grow; Euclides Technologies’ new
relationship and ability to develop and launch workforce management
modules and generate revenue; the Agreement, including in respect
of monetization plans for MarketWall; and the Company’s future
performance. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or statements that certain actions, events or results
“may”, “could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
AnalytixInsight and its subsidiaries, and MarketWall and
InvestoPro, as the case may be, to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to: general business, economic,
competitive, geopolitical and social uncertainties; the Company’s
technology and revenue generation; risks associated with operation
in the technology sector; the Company’s ability to successfully
integrate new technologies and employees; foreign operations risks;
Samsung’s and Intesa Sanpaolo’s willingness and ability of third
parties to profile and recommend the products and services of the
Company and its subsidiaries, and MarketWall and InvestoPro to
their customers; the satisfaction of several conditions, including
the receipt of necessary regulatory and corporate approvals, for an
initial public offering of MarketWall; and other risks inherent in
the technology industry. Although AnalytixInsight has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. AnalytixInsight does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
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version on businesswire.com: https://www.businesswire.com/news/home/20230523005555/en/
Prakash Hariharan Chairman and CEO (416) 561-9461
Prakash.Hariharan@AnalytixInsight.com
AnalytixInsight (TSXV:ALY)
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