Fintech firm SRAX reported its first financial results of the year, posting revenues of $7.5 million. The company launched its software as a service platform, Sequire, a year ago.
The Westlake Village-based company’s $7.5 million in revenue marks a 53% increase year over year; its net income totaled $3.7 million. According to SRAX, three of the biggest contributors to expenses were the cost of revenues, employee-related costs, and marketing and selling expenses.
SRAX specializes in producing and compiling data and insights for publicly traded companies. This year, with the launch of Sequire, the company was able to bring in contract bookings with $15.2 million in gross value. Launched last October, the Sequire platform allows public companies to hold virtual Q&A events, create profiles, answer verified investors’ questions and more.
The company reported earnings per share of $0.14 and $0.13 per basic and diluted share, respectively. Cash and marketable securities clocked in at $29.2 million, an increase of more than $12 million quarter over quarter.
SRAX kept busy last year, launching more than 20 virtual business conferences through Sequire. In April, the company had a docket that included conferences for sectors including edtech, blockchain, fintech and more. One installment, a cannabis industry conference, featured more than 15 video presentations by publicly traded cannabis companies and industry expert panels.
Another significant development that came for the publicly traded company last year was having its request for continued listing on the Nasdaq Stock Market approved. The approval is subject to the company showing full compliance with Nasdaq’s filing requirement by Feb. 28 and includes compliance with certain interim milestones.
SRAX shares steadily tumbled last year, starting the year above $4 and falling to $1.53 in December. The company reported net income losses throughout the year, but seems to be in a position to flip the script with the $3.7 million in net income in the recent quarter.