EQ Inc. Reports Fourth Quarter and Year ended December 31, 2020 Financial Results
Data revenue increases 143% compared to the same period a year ago
TORONTO, ON / ACCESSWIRE / April 15, 2021 / EQ Inc. (TSXV:EQ) ("EQ Works" or the "Company"), a leader in geospatial data and artificial intelligence driven software, announced its financial results today for the full year and fourth quarter ended December 31, 2020.
Revenue for the year increased to $10.4 million, an improvement of 16% from the $9.0 million recorded in the previous year. Revenue for the fourth quarter of 2020 was $3.6 million, an increase of 27% from the same period a year ago and an increase of 28% over the third quarter of 2020. Data revenue also increased by 95% annually to $2.5 million, and by 143% compared to the same period a year ago, as the number and size of data engagements increased over the course of the year. The adjusted EBITDA loss for the quarter was approximately $0.1 million, consistent with the third quarter of 2020 and the previous year, as the Company continued to invest in infrastructure, unique data assets and its proprietary geospatial platforms.