DCS Announces Audited Financial Results for FY 2021
REPORTED BACKLOG GREW TO USD $16.3 Million IN FY 2021 VS REPORTED BACKLOG OF USD $2.9 Million IN FY 2020 REPRESENTING AN YOY 462% INCREASE; GROWTH IS ATTRIBUTED TO NEW ORDERS AND UPGRADES
For the Fiscal Year Ending December 2021, Annual Revenues were reported AT (FY2021Revenue) USD $16.5 Million (CAD $20.9 Million) VS USD $14.3 Million IN FY2020 REPRESENTING AN YOY 15% INCREASE
For the Fiscal Year Ending December 2021, SaaS Revenues were reported AT (FY2021 SaaS Revenue) USD $1.1 Million (CAD $1.4 Million) VS USD $0.9 Million IN FY2020 REPRESENTING AN YOY 24% INCREASE
San Diego, California--(Newsfile Corp. - April 25, 2022) - Direct Communication Solutions, Inc. (OTCQX: DCSX) (CSE: DCSI) (FSE: 7QU), a leading provider of information technology solutions for the Internet of Things (IoT) market, is excited to announce the audited financial results for FY 2021. FY2021 Revenues of USD $16.5 million versus USD $14.3 million in FY2020, representing a 15% increase year over year. FY 2021 SaaS revenues of USD $1.1 million versus USD $0.9 million in FY 2020 representing an increase of 24% year over year.
The gross margin is reported to be 28% for FY 2021 (29% for FY 2020), representing USD $4.6 million gross profit ($4.1 million for FY 2020). The FY 2021 net loss is reported to be USD $1.8 million versus USD $1.9 million in FY2020, representing a 17% reduction in losses year over year.
Backlog grew to $16.3 Million in FY 2021 versus $2.9 Million in FY 2020 representing an increase of 462% year over year due to new orders from new clients and upgrades from existing clients. The Backlog in the year ending 2021 is estimated to have a gross margin of 28%, representing USD $4.6 million estimated Backlog gross profit.
In Q4 2021, the DCS team took advantage of a quick-to-market strategy and capture the first wave of the 4G/5G transition from 2G/3G in the United States. As the network upgrades continue in 2022, DCS is on track to grow the revenue through Smart-Hardware, SaaS solutions, and Industry IoT Innovations.
"Despite the challenges of the pandemic we faced in 2021, DCS has expanded with its partners to deliver significant growth," says Chris Bursey, CEO of DCS. "We are excited about our accomplishments and our growth prospects going forward. Uplisting to Nasdaq is another potential step in our evolution."
DCS is a technology solutions integrator focusing on connecting the Internet of Things. We provide real solutions that solve real problems. Our software applications and scalable cloud services collect and assess business-critical data from all types of assets. DCS is headquartered in San Diego, California and is publicly traded on the OTCQX ("DCSX"), Canadian Securities Exchange ("DCSI") and Frankfurt Stock Exchange ("7QU"). For more information, visit www.dcsbusiness.com. DCS and the DCS logo are among the trademarks of DCS in the United States. Any other trademarks or trade names mentioned are the property of their respective owners.
Bill Espley, Director
Chris Bursey, CEO
This release contains forward-looking statements, which reflect management's current views of future events and operations. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. We believe that these potential risks and uncertainties include, without limitation: the ongoing COVID-19 pandemic, the Company's dependence on third-party manufacturers, suppliers, technologies and infrastructure; risks related to intellectual property; industry risks including competition, online security, government regulation and global economic conditions; and the Company's financial position and need for additional funding, Statements in this release should be evaluated in light of these factors. These risk factors and other important factors that could affect our business and financial results are discussed in our Management's Discussion and Analysis, periodic reports and other public filings which are available on SEDAR at www.sedar.com and posted with the OTC Disclosure and News Service. DCS undertakes no duty to update or revise any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121645
SOURCE Direct Communication Solutions, Inc.
Released April 25, 2022