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Prodigy Ventures Inc. Announces Q1 Profit

(TSXV-PGV)

TORONTO, May 20, 2021 /CNW/ – Prodigy Ventures Inc. (TSXV: PGV) (“Prodigy” or the “Company”) today announced its financial results for the three months ended March 31, 2021.

First Quarter 2021 Financial Results

  • Revenue for the three months ended March 31, 2021 totalled $3,328,987 as compared to $4,484,140 for the three months ended March 31, 2020, a decrease of 26%.
  • Gross profit for the three months ended March 31, 2021 of $906,119 as compared to $1,222,762 for the three months ended March 31, 2020, a decrease of 26%.
  • Operating Expenses for the three months ended March 31, 2021 of $873,827 as compared to $1,212,441 for the three months ended March 31, 2020, a decrease of 28%.
  • Net Income for the three months ended March 31, 2021 totalled $19,092 as compared to $1,969 for the three months ended March 31, 2020.
  • Adjusted EBITDA for the three months ended March 31, 2021 totalled $118,391 as compared to $84,245 for the three months ended March 31, 2020.
  • The Company had working capital of $2,625,597 as of March 31, 2021 compared to $2,715,694 as of December 31, 2020.

Three months ended
March 31

2021

$

2020

$

Revenue

3,328,987

4,484,140

Gross Profit

906,119

1,222,762

Expenses

873,827

1,212,441

Net and comprehensive income (loss) for the period

19,092

1,969

Net income (loss) per share – basic and diluted

0.00

0.00

Adjusted EBITDA(1)

118,391

84,245

(1)

Adjusted EBITDA is a non-GAAP financial measure, which is defined as earnings before income tax expense, finance costs, depreciation and amortization and share-based compensation. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in our business performance. Adjusted EBITDA is used by management to assess our operating performance. The presentation of Adjusted EBITDA is to provide additional useful information to investors and analysts and the measure does not have any standardized meaning under IFRS. Adjusted EBITDA should therefore not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Adjusted EBITDA differently.

(2)

For further information regarding non-GAAP financial measures please see the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2021 under the heading “Non-GAAP Financial Measures”.

The complete unaudited financial statements and associated Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com or the Company’s website at www.prodigy.ventures.

“Prodigy continues to invest in its IDVerifact digital identity platform for future growth.” said Tom Beckerman, Prodigy’s Chairman and CEO.  “Once again, year over year quarterly EBITDA performance has improved, and our cash position is strong, as Prodigy delivers innovation for its enterprise customers, and builds its revenue pipeline.”

COVID-19 UPDATE

Prodigy continues to carefully monitor and assess the evolving situation related to COVID-19 and the potential impact to its business, employees and customers.   Although the impact to the future demand for the Company’s services remains unknown, the Company has a continuing pipeline of work which is being delivered remotely without interruption.  We believe the Company is well positioned to absorb economic impacts and maintain its long-term viability.

About Prodigy Ventures Inc.

Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity, and new Fintech platforms for open banking and payments. Our services business, Prodigy Labs™, integrates and customizes our platforms for unique enterprise customer requirements, and provides technology services for digital identity, payments, open banking and digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada’s fastest growing companies with multiple awards: Deloitte’s Fast 50 Canada and Fast 500 North America (2016, 2017, 2018), Branham 300 (2017, 2018), Growth List (2018, 2019 and 2020), Canada’s Top Growing Companies (2019 and 2020).

Forward-Looking and Cautionary Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Forward looking statements in this press release include statements regarding the investment in the IDVerifact digital identity platform and the anticipated growth associated with the platform, as well as the impact of COVID-19 on the Company’s business.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2021, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Non-GAAP Financial Measures

Our financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Certain financial measures in this press release are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze operating performance. These non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. Except as otherwise indicated, these non-GAAP measures are calculated and disclosed on a consistent basis from period to period.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Prodigy Ventures Inc.

Written by Tenner Smith

Tenner Smith - I have experience in financial intelligence and automated intelligence. In industry I have worked on artificial intelligence and machine learning. Tenner Smith is a reporter at DF media.

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