Givex Clocks 26% Revenue Growth In Q1, Enters Automatic Securities Disposition Plan

Givex Information Technology Group Ltd GIVX GIVXF reported its first-quarter results, with a 26% year-over-year growth in revenue to C$16.3 million. EPS loss was C$(0.02).
The company's total gross transactional value increased by 21% Y/Y to C$1.26 billion in Q1.
POS Gross Transactional Value increased 93% Y/Y to C$237 million, and Customer Locations increased ~26% Y/Y to 115,000.
The gross margin contracted by 43 bps to 66.8%. Adjusted EBITDA was flat at C$1.3 million.
GIVX cash used in operating activities for the quarter totaled C$2.19 million, compared to cash generated of C$5.23 million a year ago.
Separately, Givex Information entered into an Automatic Securities Disposition Plan (ASDP) with Research Capital Corporation. The ASDP is effective from May 16, 2022, and will remain in effect for a minimum term of twelve (12) months.
Under the ASDP, 225,115 common shares in the capital of Givex held by Givex will be sold by RCC between May 16, 2022, and September 22, 2022, at a minimum price of C$0.80.
Price Action: GIVX shares are trading higher by 16.67% at C$0.70 on TSX on the last check Monday.