Reklaim (MYID.V), a Toronto, Ontario-based company focused on providing compliant consumer data to brands, platforms and data companies, released financial results today for Q3 2022.
The company reported strong numbers with nine-month revenues totaling $1.6 million CAD up 217% from fiscal 2021 annual revenue and 195% from the first nine months in 2021.
Reklaim also saw an increase in the numbers of customers buying data from the company by 87% in Q3 2022 versus Q3 2021. The number of new customers also increased by 28% over year-end 2021.
Gross margins were also up with Q3 2022 realizing $101,000 or 17%, a 142% increase from the same period last year.
Recurring revenue amount to 90% for 2022 YTD with total revenue in fiscal 2022 exceeding total revenue earned in 2021 by 189%.
Neil Sweeney, Reklaim CEO, commented, “The shift in the data market to one of privacy and compliance continues to accelerate with more and more companies looking for a partner who can solve these issues for them. Reklaim is poised to take advantage of this trend, and we believe privacy regulations, including the introduction of CPRA in California, will be increasingly enforced in 2023, creating a unique opportunity for Reklaim to expand its market share. As signaled in previous quarters, we have accelerated the reduction in our cost structure while maintaining our growth rate, and we expect a similar trajectory in the coming quarters.”
Reklaim also allows consumers to take back control of their online data. Through the company’s app or website, consumers can access their data, see how many companies are buying and selling their data, and how much their data is sold for annually. Consumers can then choose to earn from it or protect it.
Commercial partners of the company can trust the data they are purchasing is CCPA compliant with 1,000+ Fair-Trade™ audience segments and ubiquitous distribution to all major DSP’s and DMP’s.
Back at the end of September Reklaim announced that it had entered into a non-binding letter of intent to purchase the assets of Multimedia Lists (MML), a data broker currently operating in the United States. MML is a cash flow-positive company and is expected to double the monthly revenue of Reklaim after the transaction closes.
In July, technology publication, ZDNet, wrote that the leaked personal data of one billion people has been spotted for sale on the dark web. This illegally obtained information included names, addresses, national IDs and mobile phone numbers.
As such, it isn’t surprising that the global data security market was valued at $217.5 billion USD in 2021 and is expected to reach over $374.9 billion by 2028 at a CAGR of 9.5%.
Reklaim currently trades for $0.05 CAD per share for a market cap of $4.65 million.
