INEO Provides Corporate Update Demonstrating Record Quarterly Revenues and Increasing Sales Pipeline
Based on preliminary results, INEO expects to achieve record revenue for Q4-2022 and for its fiscal year 2022, ending June 30, 2022.
INEO’s sales activities are accelerating with the Company’s sales pipeline climbing to approximately $40 million in annual recurring revenue.
INEO Tech Corp. the innovative developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, is pleased to provide the following business update following its fiscal fourth quarter and fiscal year ending June 30, 2022.
INEO continues to show impressive growth as the Company is poised to deliver another quarter of record revenues in Q4-2022 with growth approaching 90% over Q4-2021. The Company is also on track for achieving record financial performance for the full fiscal year and is continuing to execute on its direct sales and channel sales opportunities.
INEO’s sales pipeline has grown from $20 million annual recurring revenue to now over $40 million annual recurring revenue, based on the potential full contract value with retail chains who have currently installed or committed pilot installations. INEO has active pilots and commitments with large retail chains through its direct sales efforts as well as the Prosegur global distribution partnership channel. These retailers represent a broad spectrum of industries including grocery, apparel, wholesale club, hardware, department store and pharmacy chains.
“INEO is performing better than ever and is on track to exceed our previous quarter’s performance with another record high in revenue for Q4-2022,” said Kyle Hall, CEO of INEO. “Growth in the fourth quarter is approaching 90% year-over-year despite the increasing interest rates, significant supply chain disruptions, inflationary concerns and other macroeconomic challenges currently affecting other companies around the globe. The Company has not felt any recessionary impacts and is instead experiencing accelerated growth with new pilot systems being installed with new retailers and advertising fill rates increasing with the growth of the INEO Media Network. Furthermore, our ramping revenue and improving gross margins are assisting our cash flow profile and we will continue to control our operating expenses.”
INEO’s advertising fill rates have increased tremendously on the INEO Media Network. INEO has had over 30 brands or advertisers who have utilized the power of the INEO Media Network and INEO recently launched its largest advertising campaign to date. Brands are choosing to add the INEO Media Network to their advertising mix, due to the company’s unique ability to give advertisers access to retail customer across both online and in-store channels. INEO is continuing to capitalize on this opportunity and as the Company expands the footprint of the retail Media Network, INEO is expecting to generate increasing revenues throughout the second half of 2022.
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