Toronto, ON – RIWI Corp. (TSXV: RIWI) (OTC: RWCRF) (the “Company” or “RIWI”), a global trend-tracking and prediction technology firm, reported its financial results for the year ended December 31, 2022. All figures are reported in U.S. dollars unless otherwise indicated. RIWI’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
RIWI Highlights for the Year Ended December 31, 2022 – in US Dollars:
- RIWI completed the acquisition of Research On Mobile (ROM) on July 1, 2022. Research On Mobile is a leading research technology platform that profiles survey respondents and dynamically matches them to global research marketplaces from which commercial customers buy data. Although initial integration was completed in 2022 and some early customers benefited from the joint solution, full integration of both the technology and processes between the ROM and RIWI platforms will be ongoing throughout the 2023 calendar year with an expected completion date towards the end of Q4 2023.
- RIWI won 54 new contracts in 2022 including 13 new customers that had not done business with RIWI before. These customers span all of our customer segments.
- Revenues in 2022 include, for the first time in the Company’s history, three different revenue streams: recurring revenue, transactional revenue, and project-based revenue.
- RIWI launched the first release of its new platform that includes a single sign-on feature across a customer’s various projects, integration of both our highly secure un-incented respondents and our pre-profiled respondents, quota management, and enhanced visualization features aimed at providing customers a better experience. In addition, RIWI began to build our respondent ecosystem by partnering with additional sample providers, enhancing our ability to deliver more completed surveys in more regions of the world.
- RIWI began the transformative process from being a project-based organization to a more technology- and product-focused organization with diverse revenue streams. This included: (i) the launch of new subscription-based digital products like the Compass Data series with our partner David Woo, and the RIWI China Data feed, (ii) the conversion of customer projects into longer-term subscriptions, (iii) the buildout of our platform to enable subscriptions to our technology and (iv) the acquisition of ROM which began providing RIWI with transaction revenue. For clarity purposes, RIWI will continue to provide and always offer projects that generate project-based revenue as well, but the goal is to achieve predictable and high-margin revenue that is growing above industry averages.
- RIWI technology and RIWI were referenced 105 times in 2022 across highly respected sites such as BBC, World Bank, The Times of England, Investors Business Daily, Global Health Crisis Coordination Center, Asia Pacific Foundation of Canada, The Globe and Mail, Business Insider, Harvard Business Review (Japan), Center for Strategic and International Studies, Asia Times, The Diplomat, China Times and the Financial Post.
“The 2022 Fiscal Year was a challenging year, but one where we also laid the groundwork for the next phase of growth,” said Greg Wong, Chief Executive Officer at RIWI. “Our new platform, subscription products and transactional revenue stream will drive substantial growth in 2023 and beyond,” added Mr. Wong.
Additional Business Updates
RIWI continues to strengthen its leadership team with the hiring of Travis Campbell who will take on the role of Chief Financial Officer on May 15, 2023.
RIWI has been able to increase the transaction revenue business acquired from ROM on July 1, 2022 from 1,800 transactions per day to approximately 3,000 per day by end of 2022 through optimization of supply and increasing conversion rates. This business is expected to continue to grow in 2023 by double-digit percentages.
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries – without collecting any personally identifiable data. https://riwi.com
Signed: “Greg Wong”
Greg Wong, Chief Executive Officer
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CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company’s expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.