MEMEX Inc. Releases Q3 Financial Data
Burlington, ON, Canada – August 27, 2015 – MEMEX Inc. (TSX-V: OEE), a global leader of manufacturing M2M productivity software, released its financial results and operational highlights for its third quarter ended June 30, 2015.
Memex generated record revenue of $1.48 million for the nine months ended June 30, 2015, compared to $753,000 for the same period in the prior year. This represents a 97% increase year over year.
Gross profit for the nine-months ended June 30, 2015 totalled $878,000 compared to $431,000 for the nine months ended June 30, 2014. This represents an increase of 57%.
Net loss for the nine months ended June 30, 2015 was $1.85 million as the company continued its investment in product and sales development. This compares to a loss of $1.2 million for the nine months ended June 30, 2014.
Highlights from Q3 2015
- Reported revenue for the quarter of $451,000 is a 155% year over year increase.
- Orders (excluding component sales) received in the quarter totalled $515,000, an increase of 29% year over year.
- 11 new customer wins (as well as several follow-on orders) in the quarter vs. 6 in the same quarter last year.
- In June, Memex completed a $3.9 million Capital raise.
Company President & CEO David McPhail commented, “We are pleased with both our year to date as well as our quarterly year over year comparable growth. Our continued investment in the development of our direct sales and partner channels is reflected in the numbers reported. The concept of Data Driven Manufacturing and the compelling value equation that the adoption of our flagship product MERLIN creates are resonating well with both net new customers and the follow-on project expansion plans of our existing customers.”
Memex also announces that it has issued 1 million common shares, at a deemed price per share of $0.20, to its financial advisor. As previously announced in a press release issued on March 20, 2015, Memex appointed a financial advisor to provide general financial and capital markets advice to Memex.
About MEMEX INC.
Memex is a leading Industrial Internet of Things (IIoT) technology platform provider that connects to any machine and delivers real-time manufacturing productivity metrics. Industrial strength MERLIN software provides Overall Equipment Effectiveness (OEE) efficiency metrics in real time, from shop floor to top floor. MERLIN connects to any machine, old or new, utilizing MTConnect, other protocols or hardware adapters. The MERLIN magic delivers a 10% to 50% average productivity increase so that any manufacturer can achieve world-class standards of excellence. Based on just a 10% increase in OEE, customers see profit improvements of 20%-plus and payback in less than four months. For more information, please visit: www.memex.ca.
Leanne Rattray, Communications Specialist
David McPhail, CEO
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To see the full press release, please click here.