Revenue continued to trend upward at Intouch Insight (TSX-V:INX) this past quarter, while planned R&D and sales expenses deepened the Ottawa firm’s losses.
Intouch Insight, which develops customer experience software for the likes of General Motors and the Beer Store, posted revenues of $3.9 million for the three-month period that ended June 30, a two-per-cent increase year-over-year.
Broken down a bit further, SaaS revenues were up eight per cent and recurring services revenues were up 11 per cent in the quarter. The only drop from last year’s figures came in non-recurring revenue, which was roughly $100,000 lower due to a large, one-time project in 2017.
The bottom line was less rosy: Intouch reported a net loss of $669,605 for the second quarter, compared to a profit of $82,319 a year ago.
That loss was to be expected, though, according to CEO Cameron Watt. He said in a statement that the company had increased its spending on sales, marketing and R&D with the launch of its new customer engagement platform, LiaCX. The software tracks the full gamut of how customers interact with retailers and other businesses, providing actionable insights on where the relationship is falling short.
“The product is targeted (at) a real market need that it seems nobody else is addressing the way we are at this point,” Watt told OBJ earlier this year.
Intouch doesn’t expect significant revenue to flow from LiaCX until next year.