- Reklaim posted Q3 2022 results showing 217% YoY revenue growth, 142% YoY gross margin increase, 90% year-to-date recurring revenue growth, and 28% more customers since year-end 2021
- The online advertising industry depends heavily on consumer data, but government regulations and tech company restrictions are severely cutting supply
- Reklaim fills the void with an identity ecosystem that compensates users for consenting to share data while providing fully compliant data sets to marketers
Reklaim (TSX.V: MYID) (OTCQB: MYIDF), the destination for consumers to access and reclaim their data, recently posted its financial results for the three months that ended September 30, 2022. Highlights included a 217% year-over-year revenue increase, a 142% year-over-year gross margin increase, 90% growth in year-to-date recurring revenue, and a 28% increase in new customers since year-end 2021 (https://ibn.fm/vYj7E).
“As signaled in previous quarters, we have accelerated the reduction in our cost structure while maintaining our growth rate, and we expect a similar trajectory in the coming quarters,” Reklaim CEO Neil Sweeney said in a news release.
The online advertising industry depends heavily on customer data to create targeted marketing campaigns, and demand for that data continues to increase. At the same time, government regulations and privacy restrictions enforced by tech companies are severely cutting supply to the market.
Limited options for consensual data are creating a massive void that Reklaim is filling. The company’s mobile identity ecosystem enables consumers to view and protect their information and receive compensation for sharing their data. Advertisers, marketers, brands, and data agencies can access this consensual, consumer-verified data for a fee.
“The shift in the data market to one of privacy and compliance continues to accelerate with more and more companies looking for a partner who can solve these issues for them,” Sweeney continued. “Reklaim is poised to take advantage of this trend, and we believe privacy regulations, including the introduction of CPRA in California, will be increasingly enforced in 2023, creating a unique opportunity for Reklaim to expand its market share.”
The California Privacy Rights Act (CPRA) – an amendment to the California Consumer Privacy Act (CCPA) – is set to take effect on January 1, 2023 (https://ibn.fm/5RxzI). Initial provisions provided by the CCPA gave consumers numerous rights, including the right to know what information is collected, if it is sold and to whom, and the right to delete their data. Consequences for businesses that violate the law include penalties of up to $7,500 per intentional violation, $2,500 per unintentional violation, and statutory damages of up to $750 per consumer per incident.
Options for marketers are increasingly limited, leading to the demand for fully compliant data solutions that provide critical insights into consumer behavior. Reklaim is firmly positioned to fill that void with an identity ecosystem that lets consumers take back control of their information while delivering relevant, high-quality data sets to marketers.
For more information, visit the company’s website at www.ReklaimYours.com.
NOTE TO INVESTORS: The latest news and updates relating to MYIDF are available in the company’s newsroom at https://ibn.fm/MYIDF
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