Losses deepen at Ottawa’s Intouch Insight as revenues tick up in fiscal 2018

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Intouch Insight (TSX-V:INX) says investments made in its products in 2018 will set the stage for revenue growth in the coming years.

The Ottawa-based firm, which develops software to help clients track customer satisfaction and engagement, reported revenues of $14.9 million for the fiscal year ending Dec. 31 – up seven per cent from 2017.

The company posted a net loss of $2.7 million for 2018, nearly $2 million more than its loss the previous year. The company said in a release that development on new product lines, and associated expenses with selling those new products, pushed the firm deeper into the red.

CEO Cameron Watt said in a statement Thursday that thanks to the higher spending in 2018, the firm is expected to grow revenues 15 per cent to $17 million in the coming fiscal year. While he made no promise of turning a profit, Watt did say he expects the firm to be EBITDA positive in 2019.

Watt told OBJ last year that the company was ready to market a new product that uses artificial intelligence to discover “gaps” in the customer journey. He said then that the firm was targeting a market need that no other competitor in the space was addressing.