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CounterPath Corporation (TSX:PATH) Reports 34% YoY Revenue Growth In Q2 FY2021

2 min read | December 14, 2020 11:07 AM EST | By Team Kalkine Media
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  • CounterPath Corporation saw its revenue climb 34 per cent year-over-year (YoY) from US$ 2.7 million in Q2 FY2020 to US$ 3.6 million in the second quarter of fiscal 2021.
  • The Canadian software service provider reported a 53 per cent YoY surge in its subscription, support and maintenance revenue of US$ 2.3 million in Q2 FY2021. This amount stood for 64 per cent of the company’s overall revenue in the said quarter.
  • Its gross margin stood at 84 per cent in Q2 FY2021, up from 79 per cent in the same period last fiscal year.
  • The Vancouver-based company’s cash on hand amounted to US$ 2.5 million at the end of 31 October 2020, up from that of US$ 2.4 million as of 30 April 2020.
  • CounterPath Corporation reported in its latest financial results that its income from operations climbed to US$ 0.2 million in Q2 FY2021. This was a significant improvement from a loss of US$ 0.7 million from operations in the same period last fiscal year.
  • The company’s net income stood at US$ 0.1 million, or US$ 0.01 per share, in Q2 FY2021. This, too, was an upturn as compared to a net loss of US$ 0.8 million, or US$ 0.13 per share, in Q2 FY2020.
  • CounterPath reported that it entered a partnership with Canadian telecoms reseller OMNIVIGIL in in the second quarter of fiscal 2021.
  • Earlier in December, CounterPath signed a merger agreement with cloud-based service provider Alianza Inc, which is set to acquire the former in an all-cash transaction expected to close in the first quarter of 2021.

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