WeCommerce Reports Fourth Quarter Results

March 21, 2023

VICTORIA WeCommerce Holdings Ltd.  (TSXV: WE), a provider of ecommerce enablement software and tools for merchants, announced its financial results for the three- and twelve-month periods ended December 31, 2022. Currency amounts are expressed in Canadian dollars unless otherwise noted.

  • Revenue in Q4 2022 was $13,300,008, an increase of 9 per cent (0 per cent on a constant currency basis (as described below) compared to Q4 2021.
  • Adjusted EBITDA for Q4 2022 amounted to $3,288,029 or 25 per cent of revenue, compared to $3,490,740 or 28 per cent of revenue in Q4 2021.
  • Unrestricted cash on hand at December 31, 2022 was $10,946,852 compared to $26,122,247 on December 31, 2021. Total debt outstanding at December 31, 2022 was $46,935,066 compared to $60,203,418 on December 31, 2021.
  • Net loss was $12,436,938 in Q4 2022 compared to net income of $4,126,028 in Q4 2021. The majority of the net loss for Q4 2022 includes goodwill impairment of Stamped which was due to updated assumptions that reflect current macroeconomic conditions.

“We are pleased to report strong Q4 performances for our apps and themes segments, which have continued to demonstrate resilience and growth in the face of challenging market conditions,” said Chris Sparling, Co-CEO. “The investments in product development across our portfolio continue to bear fruit, and we are looking forward to key feature launches in Q1 and Q2 of this year. As we prepare and move forward with the previously announced transformational transaction with Tiny, we are confident that we are well-positioned to capitalize on the significant potential of our combined businesses.”

WeCommerce provides merchants with a suite of ecommerce software tools to start and grow their online stores. Their family of companies and brands includes Pixel Union, Out of the Sandbox, KnoCommerce, Archetype, Yopify, SuppleApps, Rehash, Foursixty and Stamped. As one of Shopify’s first partners since 2010, WeCommerce is focused on building, acquiring, and investing in leading technology businesses operating in the Shopify partner ecosystem.

Business Examiner Staff

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