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Logiq Reports Q4 2022 Pro Forma Revenue Up 121%


NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) — Logiq, Inc. (OTCQX:LGIQ), a leading provider of digital consumer acquisition solutions, reported results from continuing operations on a pro forma basis for the fourth quarter and year ended December 31, 2022. All comparisons are to the same year-ago period unless otherwise noted.

On July 27, 2022, the company completed the spinoff of its GoLogiq (CreateApp/AppLogiq) business. The following pro forma financial results exclude this divested business and provide only the results from the company’s continuing DataLogiq operations. GAAP results for the full year 2022 can be found at in the company’s annual report as filed on Form 10-K.

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Financial Highlights

Fourth quarter 2022 revenues totaled $8.4 million, up 121% sequentially and up 22% over the same year-ago quarter.Full year 2022 revenues totaled $20.3 million, down 12% partly due lower digital advertising spend industry wide and only nine months of contribution from the Battle Bridge acquisition which closed on March 31, 2022.Excluding $10.9 million in depreciation and amortization expense; stock-based compensation of $10.8 million; and $447,159 in bad debt expense, net loss totaled $2.7 million for the year.Based on existing contracts and revenue streams, the company entered 2023 at a more than $40 million annualized run-rate. Following the recent acquisition of Park Place Payments, Logiq’s annualized run-rate has increased to more than $45 million. Cash and cash equivalents totaled $472,000 at December 31, 2022, compared $368,000 at September 30, 2022, with the increase partly due to cash generated from operations. Cash and cash equivalents at May 1, 2023 totaled $410,000.

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Q4 2022 Operational Highlights

Continued to advance the completion of the company’s DataLogiq (DLQ) business with a Nasdaq- traded SPAC which was announced in September 2022. Logiq and the SPAC are processing comments received from the Securities and Exchange Commission (SEC) regarding the merger and related Form S-4 filing. Logiq is also finalizing the audit of DLQ’s 2022 financial results on a stand-alone basis, which will be added to the Form S-4 filing as an amended filing upon completion.DLQ was awarded a managed services contract valued at $2 million to $3 million per month, the largest such contract in Logiq’s history, which contributed to the approximately $7 million in revenues DLQ booked in the fourth quarter of 2022.Formed a strategic alliance with MediaJel, a leading marketing platform primarily serving regulated industries. Logiq’s consumer targeting and acquisition capabilities has been enhanced by access to MediaJel’s consumer audience engine and programmatic digital marketing platform. Enables clients to deploy marketing campaigns that reach a wider yet more targeted consumer audience.Further penetrated home improvement vertical market via both the residential and commercial EV charger installation market as well as the roofing market by deploying the company’s on-demand digital marketing platform that provides clients efficient, enhanced service.

Subsequent Event

In April 2023, the company acquired Park Place Payments, an award-winning fintech company delivering innovative merchant payment solutions and adjacent financial services to SMBs through a nationally distributed local sales force. Park Place’s annualized transaction volume currently totals more than $180 million, from which it expects to generate more than $5 million in revenue and positive cash flow this year. The additional revenue increased Logiq’s annualized revenue run rate to more than $45 million.

Management Commentary
“Our strong sequential and year-over-year growth in the fourth quarter exceeded expectations, and demonstrated the momentum being generated from the synergies between the Battle Bridge acquisition and our existing DataLogiq digital consumer acquisition platform,” stated Logiq CEO, Brent Suen. “Increasing the depth of our expertise and expanding the range of services has enabled us to better compete for more and larger market opportunities.

“Over the course of the year, we completed the integration of Battle Bridge along with a challenging restructuring plan designed to better position us for growth, organically and through acquisition. This involved completing the spinout of the GoLogiq business. Our strategy for this spinout has gone well, with GoLogiq recently completing a transformative major acquisition. We anticipate our remaining minor ownership and those Logiq shareholders who received GoLogiq shares to be great beneficiaries of this progress.

“For our continuing operations, by late November we began to see strong traction with our growth strategy with a major client win. This helped begin the year at an estimated annualized revenue run rate of more than $40 million. Now with the integration costs of Battle Bridge behind us and everything coming up to speed, we see our top and bottom line continuing to improve.

“We continue to see the industry environment presenting accretive M&A opportunities for Logiq. This includes companies involved in Adtech, direct-to-consumer sales, specialized digital advertising, and performance marketing. All are generating significant revenue growth and are breakeven to profitable. We have been evaluating several potential acquisitions that are at various stages that could significantly strengthen our platform.

“We see our recent acquisition of Park Place as just the beginning of our evolution into a company of direct-to-consumer and B2B brands that are complementary to and empowered by the industry’s most powerful AI-driven digital advertising and marketing platform. Through these multiple initiatives that will build upon an already fast-growing business, we expect the additional revenue we’ll generate from Park Place to reach $15 million or more over the next year.

“In 2022, we launched a strategic initiative to enter regulated industry verticals. This resulted in a strategic alliance with MediaJel. The partnership gained us access to MediaJel’s consumer intelligence platform and channel reach, allowing us to strengthen our capabilities for consumer targeting and new customer acquisition. We are continuing the process of integrating MediaJel’s platform with our AI-powered programmatic advertising platform, Rebel AI, which enables brands and agencies to securely transact media and activate first-party data. We anticipate the results of this integration to enhance our revenue generation and expand our gross margins beginning in the current quarter.

“MediaJel represents an ideal partner with domain expertise in a regulated industry, solid customer base, and new targeting tools for customer acquisition and engagement. Together, we expect to become a key player in the cannabis marketing and advertising space.

“We are making good progress toward the completion of our previously announced publicly-traded SPAC merger with our DataLogiq operations and remain confident in completing it in the near future. As a stand-alone company generating strong growth from the start, we anticipate many great things ahead for DataLogiq.

“At the beginning of this year, we appointed Chris Andrews as our new chief operating officer, succeeding John MacNeil who was appointed to the new role of SVP of mergers and acquisitions. Chris brings to us more than 20 years of leadership experience and a talent for unlocking revenue opportunities. As a former Ogilvy Health and WPP chief technology and information officer, he has an extensive record of great achievement, including creating $150+ million revenue streams through technology innovation.

“For 2023, we anticipate Chris helping us lead additional transformational events designed to support further growth, and as we continue to target accretive mergers or acquisitions that would position us to scale to our goal of more than $100 million in annual revenue and deliver increasing shareholder value.”

Q4 2022 Financial Summary (Continuing Operations Pro Forma)

Revenue increased 22% to $8.4 million in the fourth quarter of 2022 compared to $6.9 million in the same year-ago quarter. The increase was largely the result of the contribution from synergies between the company’s Battle Bridge acquisition and its existing DataLogiq customer acquisition and programmatic advertising platform.

Gross profit decreased 75% to $0.5 million or 6.2% of revenue in Q4 2022 from $2.062 million or 29.8% of revenue in the same year-ago period.

Net loss was $10.9 million. Excluding $8.0 million in depreciation and amortization, net loss totaled $2.9 million. Due to a change in accounting and expense allocation last year, a comparison to the same year-ago period is not available.

Cash and cash equivalents and restricted cash totaled $472,000 at December 31, 2022, compared to $368,000 at September 30, 2022. Cash and cash equivalents at May 1, 2023 totaled $410,000.

Full Year 2022 Financial Summary (Continuing Operations Pro Forma)

Revenue for 2022 totaled $20.3 million, declining 12% from $23.0 million in 2021, partly due to lower digital advertising spend industry wide and only nine months of contribution from the Battle Bridge acquisition which closed on March 31, 2022. The increase from the year-ago period was primarily due to an increase in DataLogiq revenue, as well as revenue generated by the contribution of Fixel AI and Rebel AI.

For the full year, net loss totaled $24.9 million or $(0.71) per share. Excluding $10.9 million in depreciation and amortization expense; stock-based compensation of $10.8 million; and $447,159 in bad debt expense, net loss totaled $2.7 million for the year. Due to a change in accounting and expense allocation last year, a comparison to 2022 results is not available.

Conference Call
Logiq management will hold a conference call to discuss these results, followed by a question-and-answer period:

Date: Wednesday, May 17, 2023
Time: 11:30 a.m. Eastern time (8:30 a.m. Pacific time)
Dial-in number: +1 (929) 205-6099
Meeting ID: 448 292 9875
Passcode: 1234
Join via Zoom: Click here. Access will be available approximately five minutes prior to the call.

A replay of the call will be available after the live call via the Investors section of the Logiq website at

About Logiq
Logiq Inc. is a U.S.-based provider of e-commerce and digital customer acquisition solutions by simplifying digital advertising. It provides data-driven, end-to-end marketing through its results solution or providing software to access data by activating campaigns across multiple channels.

The company’s Digital Marketing business includes a holistic, self-serve ad tech platform. Its proprietary data-driven, AI-powered solutions allows brands and agencies to advertise across thousands of the world’s leading digital and connected TV publishers. For more information, visit

Important Cautions Reading Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the Safe Harbor created by those sections. This press release also contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.

These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding the consummation of our DataLogiq segment’s proposed SPAC merger, our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, potential strategic transactions, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, and other risks described in the Company’s prior press releases and in its filings with the SEC including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on, including under the heading “Risk Factors” in the Company’s Canadian Prospectus.

Logiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

Company Contact
Brent Suen, CEO
Logiq, Inc.
Email contact

Logiq Investor Relations:
Ron Both
CMA Investor Relations
Tel (949) 432-7566
Email contact

Logiq Media & ESG Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email contact

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