BOARDWALKTECH REPORTS FOURTH QUARTER AND ANNUAL FISCAL 2025 FINANCIAL RESULTS
CUPERTINO, Calif., July 28, 2025 /PRNewswire/ - (TSXV: BWLK) (OTCQB:BWLKF) - Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a leading digital ledger platform and enterprise software solutions company, is pleased to report its financial results for fiscal year 2025 ended March 31, 2025. All figures are reported in U.S. dollars, unless otherwise indicated. Boardwalktech's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Financial Highlights:
Revenue for Fiscal 2025 totaled $4.8 million compared to $6.0 million for Fiscal 2024. The portion of revenue from new and recurring SaaS licenses earned in Fiscal 2025 decreased by 23% year-over-year due to the impact from two previously disclosed customers that did not renew due to internal reorganizations, partially offset by a 9% increase in professional services revenue.
Annual recurring revenue ("ARR"), a non-IFRS metric, at March 31, 2025 was $4.0 million. The Company defines ARR, a non-IFRS metric, as the annual recurring revenue expected based on trailing quarterly revenue from license subscriptions and certain recurring services.
Gross margin for Fiscal 2025 was 87.7%, comparable with 89.6% in Fiscal 2024.
Adjusted EBITDA for Fiscal 2025 was $(1.8) million, compared to Adjusted EBITDA of $(1.6) million for Fiscal 2024.
Non-IFRS net loss for Fiscal 2025 (as defined in the Adjusted EBITDA and Non-IFRS Financial Measures section) was $(2.2) million, $(0.04) per basic and diluted share, versus the $(1.7) million non-IFRS loss for Fiscal 2024, $(0.03) per basic and diluted share.
Reported IFRS loss for Fiscal 2025 was $(3.2) million, $(0.06) per basic and diluted share, versus a net loss of $(3.1) million for Fiscal 2024, $(0.06) per basic and diluted share. Adjusted operating expenses for Fiscal 2025 totaled $6.0 million, a $0.9 million decrease from the $6.9 million of adjusted operating expenses reported for Fiscal 2024 which reflect the impact of the Company's realignment and cost efforts announced during the last fiscal year.
The ending cash balance as of March 31, 2025 was $0.4 million, plus $0.6 million of trade receivables, for a total of $1.0 million.
Outstanding debt as at March 31, 2025 was $2.6 million which was drawn against the previously announced $4 million line of credit from Celtic Bank. Due to requirements under IFRS, this debt was reclassified under current liabilities even though the final debt maturity remains in March of 2027.
Subsequent Events
Subsequent to March 31, 2025, the Company closed two tranches (on June 13, 2025 and July 24, 2025) of non-brokered placements under a LIFE Offering, raising a gross total, before expenses and fees of $0.55 million (CAD $0.75 million). ...
