NetCents Technology Announces 143% Quarterly Revenue Growth
Of note, the Company increased monthly revenue by 659% year over year from $15,632 in January 2020 to $118,684 in January 2021.
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2021) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company") , a cryptocurrency payments company, is pleased to report growth in transaction figures for the recent periods. The Company recorded $8.2 million in transactions for the month of January of 2021.
In addition, the Company would like to report approximately 143% quarter on quarter revenue growth and 476% year over year Q1 revenue growth, based on the Company's unaudited three months ended January 31, 2021 financial statements, which financial statements will be available on SEDAR (www.sedar.com) and on the Company's website in accordance with applicable continuous disclosure requirements by late April 2021.
In the three months ended October 31, 2020, the Company recorded $105,475 in revenues. During the most recent quarter, the period ended January 31, 2021, the Company recorded revenues of $257,008. Of note, the Company increased monthly revenue by 659% year over year from $15,632 in January 2020 to $118,684 in January 2021. Management attributes the rapid growth in revenue to the expiration "low fee" and "no-fee" promotions that the Company uses to incentivise merchant onboarding onto the platform in addition to sales and marketing efforts that have continued to result in additional merchants joining the platform.
"The continued growth of our transaction figures is great to see, especially for January which is a slow month for transactions historically," stated Clayton Moore, Founder and CEO of NetCents Technology." We are seeing a lot of demand growth from the merchant side as Bitcoin has really become top of mind in the last 90 days as it has hit historical highs. Historically, merchants seem to get more excited about cryptocurrency transactions in a rising market. It is great from a PR perspective to be seen as 'with the times."
"We believe that this trend will only accelerate as Companies will be jumping on the bandwagon to want to be seen offering something cool or trendy. For example, Tesla announced that they will now accept Bitcoin as a form of payment for their cars. This rapid growth is really putting our team to the test as we have never had to onboard as many merchants in a short period of time, luckily our robust systems can handle the growth and our user interface is quite intuitive," Mr. Moore concluded.
More importantly - the big development in the market is that cryptocurrencies have now surpassed 1 trillion in USD value. This represents a significant milestone for cryptocurrencies as an asset class. Management expects this trend to continue as the financial markets and functionality of cryptocurrency develops and continues to become a mainstream transaction medium.
Management looks forward to providing more updates on business developments in the coming weeks, and wants to remind investors and Cryptocurrency users that there continues to be high volatility in the value of even the most established currencies like Bitcoin and there is a potential loss of value when holding these currencies as part of one's financial assets.
About NetCents
NetCents Technology Inc, the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at www.net-cents.com or contact Investor Relations: [email protected].
On Behalf of the Board of Directors
NetCents Technology Inc.
"Clayton Moore"
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
1000 - 1021 West Hastings Street
Vancouver, BC, V6E 0C3
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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