Armada Data Corporation Announces Financial Results for Q3 2024

Armada Data Corporation (TSXV:ARD) has released its financial figures for the quarter ending February 29, 2024. The company reported a total revenue of $573,438, showing a 5% increase from $543,888 in the same period last year. This growth corresponds to an improvement in comprehensive income which turned into a gain of $25,808 from a loss of $40,372 in the previous year's corresponding quarter.

Despite challenges including the constrained supply of new vehicles and reduced consumer activity impacting CarCostCanada.com, the company's divisions exhibited varied performance. The Insurance Services division saw a slight revenue decline of 1%, while CarCostCanada posted a 19% increase, and the Information Technology division reported an 18% rise in revenues. Expense management initiatives have also helped lower wages and other office expenses by 4% compared to the prior year.

Looking at the company's fiscal health, there was a notable 22% increase in accounts receivable and comparable hike in accounts payable. The company's overall deficit widened slightly to $1,806,453 as of February 29, 2024, from $1,576,967 the previous year. The earnings per share remained steady at $0.00.