- On May 30, 2019
RESAAS Services Inc. (TSX-V: RSS, OTCQB: RSASF) President and CEO, Tom Rossiter, is pleased to report highlights from our Q1 2019 financials:
- Increased revenue by 86%, year-over-year from 2018
- Decreased expenses by 67%, year-over-year from 2018
- Decreased net loss and comprehensive loss by 75%, year-over-year from 2018
Q1 2019 marks our strongest quarter to date with the highest revenue and lowest operating expenses.
In late 2018, RESAAS made a number of corporate and operational changes that have already proven to be positive driving forces for the Company. In October 2018, RESAAS appointed Pierre Chadi as the Company’s Chairman of the Board. Mr. Chadi is an accomplished bilingual senior executive with 19 years spent as Director of Eastern Region with Microsoft Canada. He has over 30 years leadership experience in technology enterprise sales and Software-As-A-Service (SaaS) Cloud Offerings, as well as well as over 20 years of active investor experience focused on early stage SaaS companies.
In November 2018, RESAAS appointed Annie Chan as the Company’s Chief Financial Officer. Ms. Chan is a Chartered Professional Accountant and Chartered Accountant with 12 years of experience working for publicly listed companies in technology, telecommunication, banking and mining. Ms. Chan helped bring these companies to their successful exit. Most recently, Ms. Chan was the Chief Financial Officer for a gigabit internet service provider where she oversaw the mergers & acquisition process that led to its acquisition in 2017. Since Ms. Chan’s appointment, she has reduced the Company’s operating expenditures by reducing non essential services. She has also been working with the Company’s COO to analyze user engagement to drive revenue, and working with the Company’s CEO on all corporate and legal initiatives.
In May 2019, RESAAS appointed Sascha Williams as the Company’s Chief Operating Officer. Mr. Williams is a seasoned technology entrepreneur, with a particular focus on building recurring revenue businesses. Most recently, Mr. Williams served as President & COO of Unbounce, one of Canada’s top performing SaaS companies with 175 employees in Vancouver and Berlin. Mr. Williams also held director positions at Disney Interactive, Electronic Arts and Big Park, leading up to its acquisition by Microsoft. Since Mr. William’s appointment, he has been working with the Company to increase user engagement through a deep dive analysis of user activities on the RESAAS Platform, and then subsequently designing features to enhance user engagement.
RESAAS monetized new revenue channels including the launch of an advertising division. Corporations wishing to access the real estate market can leverage RESAAS’ own proprietary advertising solution, AdSAAS, to run ads, target specific types of agents and reach particular markets where there is a direct reach to over 460,000 worldwide licensed real estate agents. Aviva Canada, one of the leading property insurance groups in Canada, became our newest client.
RESAAS partnered with eCommission to launch industry-first advances on referral fees. eCommission will provide advances to agents conducting their referral business within the RESAAS platform and the Company will be compensated for all advances generated from this relationship.
RESAAS is increasing both the breadth of revenue to drive MRR, and the depth of revenue to drive user engagement. We continue to be cost aware as we grow our business, and we continue to be a custodian of vast amounts of unique real estate data. Management and the Board look forward to share further successes with our Shareholders over the weeks and months ahead.