Shareholder Updates & Events
GetSwift to Host Conference Call for Fiscal Full Year 2021 Financial Results on Friday, Oct. 22 at 4:30pm ET
GetSwift to Host Virtual Roadshow on Tuesday, June 29, 2021 at 4:30 p.m. Eastern Time
|Date:||Tuesday, June 29, 2021|
|Time:||4:30 p.m. EST, 1:30 p.m. PST|
|Toll-Free dial-in number U.S. and Canada:||1-877-407-4018|
|Toll-Free dial-in number Australia:||1 800 687 004|
|Toll/International dial-in number:||1-201-689-8471|
A replay of the virtual roadshow will be available for one month following the conference.
|Toll-Free Replay Number:||1-844-512-2921|
|International Replay Number:||1-412-317-6671|
GetSwift CEO Bane Hunter Presents at LD Micro Conference
Please register to view here: Sequire | Virtual Events
The Presentation is attached below.
Shareholder Update – 05/21/2021
Operator opens up call and introduces Bane.
Good Afternoon and thank you all for attending GetSwift’s Shareholder Call for the first Quarter 2021 Results. I’m Bane Hunter, Chief Executive Officer, Executive Director, of GetSwift. Joining me on today’s call is President, Joel Macdonald, and Chief Operating and Financial Officer, Robert Bardunias. Notice of this shareholder call was provided via SEDAR and a press release on Tuesday, May 18th.
Shareholders were asked to submit investor questions ahead of time by emailing our Investor Relations firm, MZ Group.
While clearly there was concern pertaining to the report for the first quarter, we wish to address that right now. The first quarter does not represent the health of the company. The company has high confidence that as of right now with the existing planned body of services and product it will exceed CA $30m top line revenue for calendar year 2021. The company hopes that when additional clients and opportunities cross into a high confidence category that this number will increase. This represents a continuation of growth, although with a shift in time horizon. Should there be any material changes in the company’s position the company will inform the market.
While we view the first quarter as an almost perfect storm, we remain very confident in our belief that, when viewed in totality, 2021 will show that GSW does have a strong, viable business.
It is continuing to grow at a meaningful pace year-after-year and our expectation is that 2021 will be no exception. Additionally, our technology platform and service offerings have never been stronger. While there have been delays in recognizing revenues on key assignments, and challenges onboarding new clients and projects in a timely fashion, there has been no cancellation of large and meaningful orders. All meaningful anticipated revenues are still “on track”. GetSwift has not lost any major clients and, in fact, continues to add new clients. With that, we want to go over some of the updates in more detail, and give some perspective as to where GetSwift is heading for the balance of the year. This is meant to be a clearer explanation of the company’s current operations and position . I will now provide a high level overview before we address details.
For a detailed brief on the Quarterly management report, I turn to our Chief Operating and Chief
Financial Officer, Robert Bardunias.
Thank you Bane.
Thanks everyone for joining us today.
To say that the feedback we have received from the quarterly report was not positive, may be one of the more sizable understatements since Monday’s report was released to the market. While historically, for a multitude of reasons, the Company has never offered public statements detailing our business segment performance, nor any financial guidance of any kind, we recognize that there is a need for greater transparency and clarification of this week’s Quarterly notice.
With all of the comments we have received from shareholders over the last several months and days, I have tried to distill the Company’s status down to 3 key points. Financial, Technological and Operational.
1. First, Financial
– So that we are all on the same page, I am going to talk in US Dollars.
– I am starting with Financial, since it was the hottest button topic from all of the
shareholder communications I have seen today.
– While the Company’s revenues dropped to $2.7M for the Quarter, the $1.2M in
subscription services represent a 66% increase from the same Quarter last year.
– We actually improved our cash position to $11.7M. That is due to the
repayment of an intercompany investment that helped us grow the
Communications Technology Services business segment, and will pay dividends
for the Company’s consolidated revenues throughout the rest of 2021.
– With the evolution of our business segments into new revenue streams, as well
as the natures of a post-pandemic global economy, GetSwift now has the reality
of needing to deal with cyclicality. It’s new. It’s new to our business and our
Company, but given our efforts to diversify out of a handful of categories and
into over 75 verticals – it is now a necessity. It’s also evident over recent
quarters that we need to start level setting perspectives and horizons. For as
long as I have been at GetSwift, we have looked at our monthly recurring
revenue as a sign of the health of the business, and that will still be a key piece,
but we also now have annual recurring revenue from key global customers and
– Our goal is and will continue to be, to execute on two things:
- Grow the MRR number and the Technology subscription services; and
- Stabilize and work to even out the ARR recognition and the Communications technology services realizations as best we can.
- On page 7 of the Interim Financials, you can see that Technology subscription revenues for the Quarter were slightly below the Communication technology revenues.
- THAT is where cyclicality of revenue and revenue recognition is apparent and evidenced.
– The Company expects to beat calendar 2020s consolidated revenue, and we
expect that to manifest in continued and stable growth of our Technology
subscription revenues and material growth of our Communication technology
revenues through the rest of calendar 2021.
– To be clear, that Communication technology segment is where a majority of
GetSwift’s Quarterly cyclicality can and will continue to be found, but we are
optimistic and, dare I say excited, that we DO expect a YoY INCREASE in revenue
for calendar 2021.
– Our team’s focus is continuing to build a world-class product with key
technology partners, so that our systems and platforms provide the best
functionality in the market and can scale globally.
– The secondary focus is to ease and expedite the onboarding process for new
customers. We have an ongoing investment to utilize our tech team and
expertise to build a suite of onboarding tools that automate what has been up
until now, a very manual process for bringing on new customers.
– Simply put, we are aiming to use technology and new systems to automate a lot
of the processes that were human intensive. These new tools will help onboard,
train and educate customers on not just how to use our systems and platforms,
but how to grow their businesses with them.
– Our business, our Company – YOUR Company, is strong.
– The Management team and our Global network of employees, contractors,
vendors and partners have made a concerted effort to do more with less. We
did reduce burn this quarter and will continue to strive to reduce our
– While optimization rarely goes hand in hand with voracious growth, the entire
Company has made sacrifices to extend our runway and more importantly – take
advantage of and invest in opportunities before the market.
– I have never been more proud of a team, than the team that shows up for our
Company day in and day out.
– They are tireless, committed, disciplined, insightful, empathetic to customers
and constantly innovating to make GetSwift a company unlike any other in the
With that, I would like to turn to our President, Joel Macdonald, for additional updates on our redomiciliation to Canada and the NEO exchange.
Quick update on liquidity
Trading Volume is lower than our expectations, and we’re focused on finding ways to improve this
● The big ticket item to improve this is our OTC listing. OTC is important for our US
shareholders so their brokers can easily trade GSW in Canada
● We applied to list on OTCQB months ago, we’ve been working on this diligently with have our lawyers and banking sponsor and we are optimistic this will be resolved soon and will keep you all updated
● We’ve posted share settlement and trading troubleshooting guidance on our website
● Our IR team are here to help anyone who has a question or needs guidance, shareholders
can reach out via the following email: Investors@getswift.co
Closing Bane :
Thank you Joel, thank you Rob for those insights. Thank you to our shareholders for taking the time to listen to us and for their insights.“We’ve looked through numerous questions and there a re key themes :
1. Rob: We were asked when we’ll begin to provide the revenues associated with the
announcements of new customers and contracts, and the unfortunate reality is not any time soon, but let me explain why. Literally, all of our products are based on utility and output – and none of our agreements have explicitly defined guarantees attached to them – everything is based off of using our products and services. And lastly, our compliance and legal advisors are still gunshy of our management team releasing estimates, it obviously has not worked for us before.
2. Joel to answer :How much cash do you have left on the balance sheet?
a. On the bottom of page 5, of the Interim Financials, GetSwift reported $11.8M USD in
cash on the balance sheet, at the end of Quarter close on March 31, 2021
3. Rob: Lastly, we were asked to address going concern and the company’s accessibility to capital, whether it be credit facilities or financing options. There is no denying the going concern that exists for GetSwift, and potentially will be for the next few Quarters, and we are exploring any and all credit/financing options available to us, and most importantly – would be advantageous for the continued long-term growth of the company.
Bane : With that ladies and gentlemen we will close this call. I trust your understanding of the company position has improved. To summarize what has been said – we are as of right now on track for $30M CAD annual revenue, a significant % of that is recurring revenue, and we will look to continue to cut costs as we scale and optimize.
We look forward to our next call. Note : This transcript will be posted online shortly if you felt you missed any details
Ready to crush delivery?
One Month Free - Easy Setup - Pay Per Delivery
© 2023 Copyright GetSwift Limited