InsuraGuest Technologies Expects Fiscal 2023 To Continue Growth

This morning, InsuraGuest Technologies (TSXV: ISGI), in conjunction with the publication of its fiscal year finance results for the period ended June 30, 2022, announced a business outlook for 2023. Revenues that increased 235% year over year were used by the corporation to emphasise the news.

InsuraGuest – revenue has increased

The corporation recorded $345,245, or $248,957 in gross profits, for the fiscal year 2022 in documents filed on Friday night. Three divisions contributed to the year’s revenues: event-based programmes brought in $184,338 while short-term rental guest programmes saw growth to $153,447.

The company also stated that since the first quarter of 2022, the number of vacation rental properties utilising the firm’s insuratech product offerings has more than doubled.

Growth from subscription-based goods

The company’s prediction notes that they “think there is considerable promise” in the participation events product area. They also anticipate significant growth from their subscription-based goods, which were added in June, close to the end of the company’s fiscal year. In the meantime, the heritage business focus on hotels is anticipated to expand, and “qualified negotiations with hotel companies” are already under way.

InsuraGuest – a market leader

“By launching new products and expanding and adding a sizable number of properties during the last year, we have demonstrated our technology stack. The vacation rental, hotel, and participant events industries continue to identify our insurtech technology stack and products as a market leader. This course of action will enable our customer base to expand and generate more money for a very long time. As a result, we are now spending more on marketing and sales in order to spread our profitable model even farther, said President Reed Wright.

Previously traded for $0.125

The majority of the $1.7 million in expenses during the year came from consultancy fees, which were $0.5 million. Overall, the business reported a $1.5 million loss for the year. The company’s current cash balance is $0.6 million, while its total liabilities are $0.3 million.

On the TSX Venture, InsuraGuest Technologies previously traded for $0.125.


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