Ivrnet Announces Financial Results for Six-Months Ended June 30, 2023

CALGARY, AB / ACCESSWIRE / August 24, 2023 / Ivrnet Inc. (TSXV:IVI) ("Ivrnet" or the "Company") announces that it has filed its condensed interim consolidated financial statements for the three and six-months ended June 30, 2023 (the "Interim Financial Statements") and the accompanying management's discussion and analysis for the six-months ended June 30, 2023 (the "Interim MD&A").

The following Q2 2023 financial highlights should be read in conjunction with the Interim Financial Statements and the accompanying Interim MD&A, which can be found on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca.

Q2 2023 Financial Highlights

• Continued growth in Financial Technology recurring revenues. Fixed recurring revenue increased by 2% to $88,541 in Q2 2023 and increased by 3% to $177,682 during the six months ended June 30, 2023, as compared to the same periods in 2022. Variable recurring revenue increased by 40% to $98,989 in Q2 2023 and increased by 34% to $168,626 during the six months ended June 30, 2023, as compared to the same periods in 2022.
• Increase in fixed recurring revenues from Central by 8% to $37,006 in Q2 2023 and a decrease of 5% to $76,704 during the six months ended June 30, 2023, as compared to the same periods in 2022. Increases in variable recurring revenue by 3% to $80,951 in Q2 2023 and by 8% to $164,395 during the six months ended June 30, 2023, as compared to the same periods in 2022.
• Relatively stable fixed recurring revenue from Communications of $321,508 in Q2 2023 and $640,892 during the six months ended June 30, 2023, as compared to the same periods in 2022. Decreases in variable recurring revenue from Communications by 38% to $91,436 during Q2 2023 and by 31% to $184,456 during the six months ended June 30, 2023, as compared to the same periods in 2022.
• Increases in total direct costs by 14% to $265,615 (37% of total revenue) in Q2 2023 and by 10% to $537,903 (38% of total revenue) during the six months ended June 30, 2023, as compared to the same periods in 2022.
• Earnings before Interest, Depreciation and Amortization ("EBITDA") of $305,739 in Q2 2023 and $366,786 during the six months ended June 30, 2023.
• Total comprehensive income of $33,944 in Q2 2023 and a loss of $125,824 during the six months ended June 30, 2023.

About Ivrnet
Ivrnet is a software and communications company that develops, hosts, sells and supports value‐added business automation software. The company's products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.

For further information on Ivrnet, please contact:
Andrew Watts, President and CEO
PO Box 47078 Creekside, Calgary, Alberta, T3P 0B9
Tel/fax: 1.800.351.7227
E-mail: investors@ivrnet.com
Website: www.ivrnet.com

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.

SOURCE: Ivrnet Inc.