Eight Announces Second Quarter Results VANCOUVER BC, August 26, 2015 — Eight Solutions Inc. (CSE:ES) (“Eight” or the “Company”) announces the release of its unaudited consolidated interim financial results for the second quarter ended June 30, 2015. All figures are in Canadian dollars.
“Our second quarter was an exciting time of transition for Eight as we moved to a pure technology company,” says CEO Rory Armes. “In the last 90 days, we have experienced tremendous success in generating interest from new and existing Cumul8 customers in a number of industries including manufacturing, hospitality and entertainment. Over the past quarter, we saw our Cumul8 product lines drive distinct and meaningful value propositions across various levels of organizations. “Stratus is being sold into a growing list of entertainment clients as a unique asset management tool; we are introducing our Cirrus data visualization tool to new industries where we are attracting customers literally in first meetings; and our initial version of Sky, our mobile data visualization tool, is expected to be released in beta form before the end of this year.”
Q2 2015 Update
•§The Company’s business model has shifted from a 3D conversion service business where we employed upward of 250 staff, to a software development business predicated on enterprise and SaaS technology licensing with 40 employees. This shift enabled the Company to focus on software technology development and move away from a service based model.
•§This was the first quarter representing this new business model, where the Company has grown from nil licensing revenue in the second quarter a year ago to $798,661 in this quarter, while service revenue went from $6,346,007 to nil.
•§In the last 90 days, Cumul8 was launched with two distinct product lines: Stratus, a digital asset management system and Cirrus, an executive-level live data collection system.
•§A beta launch of Cumul8’s Sky product, a mobile SaaS version of Cumul8 operating from the same tech platform as its Stratus and Cirrus products, is planned to occur before the end of the year.
•§The Company continues to leverage a working relationship with Prime Focus that has seen Cumul8 Stratus deployed into a number of visual-effects studios located in India, with 1,000 users in Prime Focus alone anticipated before the end of 2015. Eight’s quarterly revenue reflects only 50% of the potential royalty earned from our 3D license with Prime Focus.
•§Reelhouse added more than 300 new movies, its mobile traffic is up 10%, and video plays are up 25%.
Q2 2015 Financial Summary Three months ended June 30, 2015 June 30, 2014
Revenue§$ 798,661 $ 6,346,007 Net income/loss and comprehensive income attributable to the shareholders of the Company ($ 1,745,238) $ 503,811 Basic income/loss per share ($ 0.03) $ 0.01 |