Michael Gaffney is CEO of Ottawa-based software program firm Leonovus. File photograph An Ottawa software program agency that’s spent years overhauling its go-to-market technique says its efforts are lastly poised to bear fruit – whilst the corporate reported zero revenues in its most up-to-date quarter. In monetary filings on Monday, Leonovus (TSX-V:LTV) mentioned it earned no revenue within the three-month interval ending June 30, down from revenues of $102,000 a yr earlier. The agency introduced in simply $78,000 in whole revenues within the first half of 2021 after producing file gross sales of $327,000 in 2020. Leonovus booked a internet lack of $784,000 in Q2, greater than double its lack of $383,000 a yr earlier, because the agency pours extra assets into R&D and gross sales and advertising in a bid to realize traction after years of struggling to stay afloat. Earlier this spring, Leonovus acquired the inexperienced gentle to promote its safe data-transfer expertise to greater than 100 federal departments and companies. In Might, the corporate introduced it closed a public providing that raised about $3.4 million to assist finance its buyer acquisition drive and new product growth efforts.
The agency says it has efficiently examined its merchandise at three federal departments – agriculture, justice and nationwide defence – and sees its new approved-vendor standing as the important thing to lastly unlocking a income stream that’s been shut tight for years as the corporate regularly looked for the suitable market match.» Read more from obj.ca