The CEO of Ottawa’s Intouch Insight (TSX-V:INX) says the firm had a “challenging” first quarter, but that he expects its investments to pay off by the middle of the fiscal year.
Revenue for the mobile analytics firm was down slightly for the quarter ending March 31, 2017, coming in at $3.3 million, a 0.4 per cent year-over-year decrease. Recurring revenue, however, was down 11 per cent from the same quarter a year ago, coming in at $539,890.
Intouch dipped further into the red with a net loss of $148,709 for the first quarter, compared to $27,092 for the same period a year ago.
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The firm cited increased spending on sales, marketing and product development as the source of its losses, but CEO Cameron Watt says the result should see the majority of Intouch’s clients migrated to new technologies by the close of the second quarter.
“While Q1 was a challenging quarter financially it was due to planned activities and we are very encouraged to be finally able to put the investment in place we need to secure the long-term future of the company,” Watt said in a statement. “We remain committed to the investments we have been making and look forward to seeing the results of our journey as we move through 2017.”