Intrinsyc (TSX: ITC and OTCQX: ISYRF) Announces Achievement of Record Annual Revenue in 2018
Preliminary Unaudited Annual Revenue Results of US$25.7 Million (CDN$33.4 Million)
VANCOUVER, British Columbia, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Intrinsyc® Technologies Corporation (TSX: ITC and OTCQX: ISYRF) (“Intrinsyc” or the “Company”), a leading provider of solutions for the development and production of embedded and Internet of Things (“IoT”) products, today announced preliminary unaudited revenue for the fourth quarter of 2018 of US$7.1 million (CDN$9.4 million), and annual revenue for 2018 of US$25.7 million (CDN$33.4 million).
“I am very pleased with the Company’s performance in 2018 and the accomplishment of record revenue," stated Tracy Rees, Chief Executive Officer, Intrinsyc. “The revenue achievement in 2018 is a continuation of our strong and steady compound annual revenue growth rate (CAGR) of 26.4%, from 2014 – 2018. Our growing portfolio of advanced computing modules for high-performance IoT products has been a substantial catalyst leading to an expanded client base and increased revenues.”
Intrinsyc plans to release audited financial information for the fourth quarter and full-year 2018 on March 14, 2019. Final audited revenue results may vary slightly from the above preliminary results. Additional information regarding the timing and dial-in information for the fourth quarter and full-year 2018 earnings call will follow.
ABOUT INTRINSYC TECHNOLOGIES CORPORATION
Intrinsyc provides comprehensive product development services, as well as the industry’s highest-performance production-ready computing modules, to enable rapid commercialization of embedded and Internet of Things (“IoT”) products. Intrinsyc has successfully delivered over 1,300 client projects including sophisticated consumer and industrial IoT products like: robotics, connected cameras, smart displays, augmented reality, smart buildings, wearables, in-vehicle infotainment, and many others. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology and help OEMs to rapidly bring industry-leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX: ITC and OTCQX: ISYRF) and is headquartered in Vancouver, BC, Canada; with additional product development centers in Taipei, Taiwan, and Bangalore, India.
For more information, please contact:
George Reznik
Chief Financial Officer
Intrinsyc Technologies Corporation
Email:
Phone:
