AnalytixInsight Inc. (TSXV:ALY) reported record revenues and its first operating profit.
The artificial intelligence company was thrilled to report its third-quarter results for the year, as they indicated AnalytixInsight’s first operating profitability with overwhelming financial results. The third quarter revenue for 2017 achieved $1,716,119, compared to 2016’s third quarter results of $281,106. AnalytixInsight achieved a net income in 3Q17 of $320,607 (whereas 3Q16 reported a net loss of -$377,235).
During the quarter, Thomson Reuters and Africa Investor were both added as new content distribution partners for the company, to help distribute AnalytixInsight’s financial research. These additions will become a part of its growing network of content partnerships which already includes Euronext NV, Yahoo Finance, and The Wall Street Journal. AnalytixInsight works with its content partners to deliver value-added financial analysis and content and to market and sell CapitalCube’s subscription licenses to various investors, brokers, and financial institutions.
CapitalCube.com is AnalytixInsight’s finance portal, and throughout the quarter it continued to average around 2 million user sessions per month through various distribution channels.
In addition, the previously acquired Euclides operating division continued to gain new contracts during the quarter and is currently sitting on an order backlog of approximately $3.5 million.
The good news didn’t stop there. Marketwall, which AnalytixInsight owns 49% of, posted a revenue of $854,588 for its third quarter, compared to 2016’s quarter three of $452,281. Marketwall is an associated company with AnalytixInsight, and so its financial results are not consolidated with AnalytixInsight’s financial results, but the success of Marketwall bodes well for AnalytixInsight due to the connections between the companies.
AnalytixInsight has begun discussions with Marketwall over its Blockchain initiatives. The hope is to reduce transaction costs and trade settlement times for Marketwall by developing a distributed ledger platform.
Prakash Hariharan, President and CEO of AnalytixInsight, has said of these achievements: “This is a milestone quarter for the company, as we achieved record financial results and operating profitability. We are very pleased with the performance of the recently acquired Euclides Technologies and are pleased to have added new CapitalCube content partners during the quarter. We are actively pursuing our Blockchain initiatives with our partners and we are very encouraged with the potential of these projects.”
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