Technology

Martello Reports Financial Results for the Fourth Quarter and 2024 Fiscal Year

Published

2 years ago

June 20, 2024

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./

Strategic improvements in FY24 designed to boost sales momentum in FY25.

Vantage DX achieved 27% year-over-year revenue growth.Sales process and go-to-market strategy re-engineered in FY24 to accelerate Vantage DX growth in FY25.Strategic investments in product and channel leaders are driving capacity to focus on revenue growth.Mitel’s acquisition of Unify coupled with partners including leading telcos engaged with Vantage DX provide growth opportunities.Legacy products are sunsetting as planned.Demonstrating continued confidence in Martello, Chairman Terence Matthews provided CAD$1.5M in an unbrokered private placement of common shares in March 2024. Nicolae Lungu appointed Interim Chief Financial Officer subsequent to quarter-end.

OTTAWA, ON, June 20, 2024 /CNW/ – Martello Technologies Group Inc., (“Martello” or the “Company”) (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace environment, today released financial results for the three and twelve months ended March 31, 2024. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and voice calls, with a focus on Microsoft 365, Microsoft Teams and Mitel unified communications.

Terence Matthews, Chairman of Martello Technologies is pleased to see a growing engagement with Mitel and its global partners: “At recent international Mitel Next events, the engagement of Mitel and Unify with Martello for both MPA and Vantage DX is increasing everywhere,” said Mr. Matthews. “Activity with other Martello partners is also increasing. As an example, one of the world’s largest telcos recently launched a Vantage DX trial. I’m very encouraged by this groundswell of activity and continue to work closely with the Martello team to maximize the growth with key partners.”

“In FY24 we made a number of important improvements that I am confident will drive Vantage DX sales momentum in FY25”, said Jim Clark, Chief Executive Officer of Martello. “We recruited exceptional talent in product, marketing and channel leadership in the last half of FY24, which has already resulted in the development of Martello’s AI strategy and a channel activation plan which brought our first deal with US partner Yorktel. By re-engineering our sales processes and go-to-market strategy, we have laid the foundation for growth. I’m pleased that we executed on an aggressive slate of improvements across the business while decreasing operating expenses, and will maintain my focus on Vantage DX revenue growth in FY25 as we monitor the impact of these improvements”.

Having appointed Jim Clark as Chief Executive Officer in April 2024, Martello is pleased to announce the appointment of Nicolae (Nick) Lungu as Interim Chief Financial Officer, effective June 21, 2024. Mr. Lungu has led Martello’s accounting team since 2018 as Director of Corporate Accounting, helping drive key acquisition, disposition, financing transactions, implementing corporate finance processes, structural changes and policies to enhance accounting, external reporting and financial efficiency. Mr. Lungu is a Chartered Professional Accountant in Canada and the US (CPA, CA and CPA Vermont).

Q4 and FY24 Financial Highlights

Financial Highlights

March 31,

(in 000’s)

2024

2023

2024

2023

(Three months ended)

(Twelve months ended)

Sales

3,808

4,027

15,773

16,099

Cost of Goods Sold

482

452

1,943

1,854

Gross Margin

3,326

3,575

13,830

14,246

Gross Margin

87.3 %

88.8 %

87.7 %

88.5 %

Operating Expenses

4,567

4,685

17,425

37,762

Loss from operations

(1,242)

(1,110)

(3,595)

(23,517)

Other income/(expense)

(459)

(438)

(2,163)

(1,811)

Loss before income tax

(1,700)

(1,548)

(5,759)

(25,328)

Income tax recovery (expense)

213

138

Net loss

(1,700)

(1,335)

(5,744)

(25,190)

Total Comprehensive loss

(1,770)

(1,236)

(5,680)

(24,454)

EBITDA (1)

(886)

(522)

(1,799)

(21,950)

Adjusted EBITDA (1)

(791)

(549)

(1,487)

(2,213)

(1) Non-IFRS measure. See “Non-IFRS Financial Measures”.

Revenue in FY24 was $15.8M representing a 2% decrease compared to FY23. Q4 FY24 revenue of $3.8M represents a 5% decrease compared to $4.0M in Q4 FY23. Vantage DX revenue grew 27% year-over-year and Mitel revenue remained stable. Sunsetting legacy product revenue declined as expected.Vantage DX monthly recurring revenue (“MRR”) increased by 19% in Q4 FY24 compared to Q4 FY23, both from direct sales and activities with partners. Vantage DX is the experience management solution that is purpose-built for Microsoft Teams. Vantage DX contributed $0.61M in revenue in Q4 FY24, a 27% increase compared to the same period in the prior year.Sunsetting legacy product revenue represented 40% of total revenue in Q4 FY24 and declined by 13% or $0.23M in Q4 FY24 compared to Q4 FY23. The ongoing decline of legacy product revenue is proceeding as expected.The Mitel business remains a stable source of recurring revenue and cash, with a 7% decrease in revenue from this segment in Q4 FY24 compared to the same period in the prior year. This marginal decrease is attributable to a minor variance in the mix of revenue from various Mitel Performance Analytics offerings, partially offset by favourable foreign currency exchange rates (USD-CAD). The Mitel business represented 44% of total revenues in Q4 FY24 (45% in Q4 FY23).Revenue was 98% recurring in Q4 FY24 compared to 99% in Q4 FY23.Gross margin as a percentage of revenue was 88% in FY24, compared to 89% in FY23. A nominal decrease in Q4 FY24 is attributable to the higher cost of hosting software products on the cloud. Management continues to execute a strategy to reduce hosting costs.MRR decreased by 6% to $1.25M in Q4 FY24 compared to $1.33M in the prior year. The decrease is primarily attributable to planned declines in legacy product revenue. MRR is a non-IFRS measure, representing average monthly recurring revenues earned in a fiscal quarter.Operating expenses decreased 2% to $4.57M in Q4 FY24 compared to $4.68M in Q4 FY23. FY24 operating expenses normalized for intangible asset impairment decreased by 6% (FY24 $17.42M compared to FY23 of $18.60M). The OPEX reductions represent continued focus on value for spend in all functions of the value chain.The Q4 FY24 loss from operations of $1.24M represented a 12% increase compared to $1.11M in Q4 FY23, due to the items outlined above, partially offset by lower income tax recovery in FY24.The Adjusted EBITDA (a non-IFRS measure) was a loss of $0.79M in Q4 FY24 and $1.49M in FY24, a change of 44% and 33% respectively over the prior period, attributable to the items described above.The Company’s cash and short-term investments balance was $7.72M as of March 31, 2024 (compared to $2.22M at March 31, 2023).

The financial statements, notes and Management Discussion and Analysis (“MD&A”) are available under the Company’s profile on SEDAR+ at www.sedarplus.ca, and on Martello’s website at www.martellotech.com. The financial statements include the wholly-owned subsidiaries of Martello. All amounts are reported in Canadian dollars.

This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Martello Technologies Group

Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions to optimize the modern workplace. The company’s products provide actionable insight on the performance and user experience of cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello’s software products include Vantage DX, which provides Microsoft 365 and Microsoft Teams end user experience monitoring and optimization. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com

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

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods and ” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future, including the aim to accelerate Vantage DX growth in FY25, growth opportunities presented by Mitel’s acquisition of Unify and partner engagement and the plan to reduce hosting costs.

Forward-looking information is neither a statement of historical fact nor assurance of future performance. Instead, forward-looking information is based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any of the forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:

Continued volatility in the capital or credit markets and the uncertainty of additional financing.Our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so.Changes in customer demand.Disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment.Delayed purchase timelines and disruptions to customer budgets, as well as Martello’s ability to maintain business continuity as a result of COVID-19.and other risks disclosed in the Company’s filings with Canadian Securities Regulators, including the Company’s annual information form for the year ended March 31, 2021 dated January 7, 2022, which is available on the Company’s profile on SEDAR at www.sedar.com.

Any forward-looking information provided by the Company in this news release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE Martello Technologies Group Inc.

Technology

SSC SECURITY SERVICES CORP. ANNOUNCES SHAREHOLDER APPROVAL OF PREVIOUSLY ANNOUNCED PLAN OF ARRANGEMENT

Published

33 minutes ago

July 22, 2026

REGINA, SK, July 22, 2026 /CNW/ — SSC Security Services Corp. (TSXV: SECU) (US: SECUF) (“SSC” or the “Company”) today announced the voting results from its special meeting of holders (the “Shareholders”) of common shares (the “Shares”) of the Company held today (the “Meeting”) in connection with the previously announced plan of arrangement under the Business Corporations Act, 2021 (Saskatchewan) (the “Arrangement”), pursuant to which Universal Protection Service, LP (the “Parent”), through its wholly-owned subsidiary, 102236724 Saskatchewan Ltd. (the “Purchaser”, and together with the Parent, “Allied Universal”), will acquire all of the issued and outstanding Shares for $4.4075 per Share in cash, and pursuant to which certain officers and directors of the Company (the “Management Purchasers”) will purchase the Company’s legacy assets and cyber security business in a management buy-out transaction (the “MBO” and collectively with the Arrangement, the “Transaction”).

The Arrangement requires (i) the approval of 66 2/3% of the votes cast by Shareholders (including the Management Purchasers) present or represented by proxy and entitled to vote at the Meeting and (ii) the approval of a simple majority (more than 50%) of the votes cast by Shareholders present or represented by proxy and entitled to vote at the Meeting, other than the Management Purchasers and any other person required to be excluded from such vote for the purpose of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (the “Minority Shareholders”). At the Meeting, the resolution approving the Arrangement was approved by (i) 99.99% of the votes cast by Shareholders, and (ii) 99.97% of the votes cast by the Minority Shareholders.

Remaining Conditions to Completion of the Arrangement

Completion of the Transaction remains subject to the satisfaction or waiver of certain closing conditions that are set out in the arrangement agreement entered into between the Company and Allied Universal on May 26, 2026 (the “Arrangement Agreement”), including receipt of final court approval and approval of the TSX Venture Exchange. SSC intends to seek a final order (the “Final Order”) of the Court of King’s Bench for Saskatchewan to approve the Arrangement at a hearing to be held on July 27, 2026.

Subject to obtaining the Final Order and the satisfaction or waiver of the remaining conditions in the Arrangement Agreement, the Transaction is anticipated to close on July 31, 2026.

About SSC

SSC Security Services Corp. is Canada’s largest publicly traded security company. SSC acts as a public holding company investing in physical, electronic and cyber security businesses. The Company has one wholly-owned operating subsidiary: Logixx Security Inc., which provides physical, electronic and cyber security services to primarily commercial, industrial and public sector clients. The Company’s clients include federal and provincial governments, Crown corporations, and many high-profile corporate and public sector clients such as hospitals, airports, utility companies and police forces.

Forward Looking Statements

This release includes forward-looking statements concerning the future results, future performance, intentions, objectives, plans and expectations of the Company. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases (including negative and grammatical variations) or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risks, uncertainties affecting SSC, including risks regarding economic factors and the equity markets generally and many other factors beyond the control of SSC. Without limiting the generality of the foregoing, this release contains forward-looking statements pertaining to: the anticipated timing of the Transaction; receipt of required court and stock exchange approvals; satisfaction of closing conditions; and the anticipated effective date of the Arrangement. Risks and uncertainties that could cause actual results to differ materially include: failure to obtain court or stock exchange approvals; failure to satisfy closing conditions; failure of the parties to complete the Transaction for any reason, including termination of the Arrangement Agreement; legal challenges to the Arrangement; and risks and uncertainties discussed in SSC’s disclosure documents filed on SEDAR+ at www.sedarplus.ca. Forward-looking statements are not guarantees of future performance. These forward-looking statements should not be relied upon as representing the views of SSC as of any date after the date of this Release. Although SSC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this Release are made as of the date of this Release and SSC does not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE SSC Security Services Corp.

Technology

GMI Cloud Announces Strategic Compute Collaboration With NVIDIA

Published

33 minutes ago

July 22, 2026

The collaboration advances GMI Cloud’s selective partnership strategy and supports its next phase of AI infrastructure growth

MOUNTAIN VIEW, Calif., July 22, 2026 /PRNewswire/ — GMI Cloud, a leading AI-native cloud provider delivering high-performance GPU infrastructure and inference services, today announced a strategic collaboration with NVIDIA as part of its selective approach to building long-term compute partnerships.

In support of this strategy, GMI Cloud has committed $500 million in CapEx to expand its compute capabilities and serve growing customer demand. The commitment represents a significant investment in the company’s next phase of infrastructure development.

GMI Cloud has also secured nine-figure contracts with a leading U.S. frontier AI enterprise, providing a strong commercial foundation for its continued growth.

GMI Cloud is pursuing a selective partnership model centered on a limited number of strategic relationships. The collaboration builds on GMI Cloud’s continued partnership with NVIDIA and brings together long-term compute planning with contracted customer demand.

GMI Cloud is among the earliest cloud providers to adopt this new compute partnership model, marking an important step in the company’s expansion and partnership strategy.

The $500 million CapEx commitment, nine-figure customer contracts, and selective partnership strategy establish the foundation for GMI Cloud’s next stage of growth. The company is set to continue this trajectory as it expands its compute capabilities and supports the evolving needs of frontier AI customers. For more information, visit www.gmicloud.ai.

About GMI Cloud
GMI Cloud is an AI-native cloud infrastructure company powering the next generation of AI applications. The company provides high-performance GPU infrastructure, Model-as-a-Service, dedicated endpoints, and AI workload deployment solutions for developers and enterprises building production AI systems. GMI Cloud helps teams move from experimentation to production with scalable compute, flexible infrastructure, and an ecosystem built for modern AI builders. For more information visit gmicloud.ai.

View original content to download multimedia:https://www.prnewswire.com/news-releases/gmi-cloud-announces-strategic-compute-collaboration-with-nvidia-302832476.html

SOURCE GMI Cloud

Technology

ROKFORM Launches Rugged Case for Samsung Galaxy Z Fold8 and Z Fold8 Ultra

Published

33 minutes ago

July 22, 2026

Complete foldable protection with six-foot drop rating, MAGMAX ™ magnetic grip, and RokLock ® twist-lock mounting

IRVINE, Calif., July 22, 2026 /PRNewswire/ — ROKFORM today launched its Rugged Case for the Samsung Galaxy Z Fold8 and Galaxy Z Fold8 Ultra. Built with a slim, two-piece shell design — not just a backplate — the Rugged Case delivers six-foot drop protection, full hinge coverage, and secure RokLock® mounting across both foldable models.

“Users get the full ROKFORM experience with the Rugged Case, including incredible drop protection, RokLock® mounting, and MAGMAX™ magnetic strength, all in a design built specifically around the unique needs of a foldable device,” said Jeff Whitten, ROKFORM CEO.

The two-piece shell locks together to protect the outer screen, back, and spine of the Galaxy Z Fold8. In addition, the case is engineered to guard one of the most critical and vulnerable components on foldable phones — the hinge — from drops and impacts with full hinge coverage. The case exceeds military-grade drop protection standards from six feet, with a dual-layer build and reinforced corners designed to absorb real-world impact.

ROKFORM’s patented RokLock® twist-lock system delivers rock-solid, wobble-free connection to ROKFORM’s full ecosystem of car, bike, and motorcycle mounts. Combined with MAGMAX™ magnets, which deliver 3x more holding strength over standard MagSafe® magnets, users get an ultra-secure magnetic grip for mounting and use with other accessories.

The case is compatible with ROKFORM wireless chargers and compatible wireless charging accessories.

The Rugged Case for the Samsung Galaxy Z Fold8 and Z Fold8 Ultra retails for $79.99 and will be available August 5, 2026 at rokform.com.

About ROKFORM:
Founded in 2010, ROKFORM’s small but dedicated team has bootstrapped its way to becoming a leader in the design and manufacturing of innovative consumer electronics products. It is based in Irvine, California. With nearly 20 patents, ROKFORM remains a leader in the premium active lifestyle consumer electronics niche, with innovative designs to protect and enhance the world’s mobile devices. Products are designed and shipped directly from California headquarters, and customers can visit ROKFORM’s showroom to experience them. Learn more at rokform.com.

Contact:
Haley Lush
775-204-7975
419258@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/rokform-launches-rugged-case-for-samsung-galaxy-z-fold8-and-z-fold8-ultra-302832493.html

SOURCE ROKFORM