A struggling publicly traded Ottawa software firm that brought in less than $100,000 in sales last year reported zero revenues in the first three months of 2022 as its struggle to find a market fit continued.
In financial filings last week, Leonovus said it generated no new sales in the first quarter of 2022, compared with revenues of $78,000 in the first three months of 2021. The company posted a net loss of $643,000, up from $615,000 a year earlier.
The latest results come after Leonovus said it received a standing offer from the federal government in March to buy its technology – a move it hopes will resuscitate its flagging fortunes.
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CEO Michael Gaffney said in a news release in late April that two federal departments, Justice and Shared Services, finished testing the product earlier this spring. He said the company has moved on to the “next evaluation phase” with the feds, adding the product was released to private-sector customers last week with “additional features needed by the business and enterprise markets.”
Leonovus’s solution distributes and encrypts clients’ stored data across numerous cloud servers rather than a single on-premise location. The company is now selling the platform – which has been rebranded from XVault to Torozo – on a monthly subscription basis.
Leonovus said in last week’s financial filings it landed three new customers for its software following its launch in late April – a law firm, an industrial contractor and a “large police force.”
The company added that it plans to boost its marketing budget for Torozo over the next few weeks.
