Carebook Reports Strong Revenue Results for Q1 With Q1 EBITDA(1) approaching bre… – Press Release

Solid start of the year driven by organic growth and disciplined cost management

• Strong revenue for the quarter up 5% to $2.5M for Q1 2023 compared to $2.4M for Q1 2022.
• Several large client implementations completed in the quarter.
• As a result of significant revenue growth and cost optimization initiatives, loss from operations was $(0.4)M, a reduction of $1.2M or 75%, when compared to Q1 2022.
• Adjusted EBITDA⁽¹⁾ for Q1 at $(0.5)M positioning Carebook to achieve its goal of generating positive Adjusted EBITDA⁽¹⁾ in the near future. Relative to Q1 2022, Adjusted EBITDA⁽¹⁾ increased by $0.6M, or 55%, reflecting stronger revenues, synergies and disciplined cost management, which drove an Adjusted EBITDA Margin⁽¹⁾ of (19)% compared to (43)% in Q1 2022.
• Net loss for Q1 2023 was $(0.5)M and also decreased by 75% year-over-year.
• Raised $2.5M in additional equity during and subsequent to the quarter.
• $4.4M in additional contract value signed during 2023.
• ARR⁽²⁾ of $10.7M as of March 31, 2023, an increase of 37% over the same date in 2022.

MONTREAL, May 30, 2023 /CNW/ – Carebook Technologies Inc. (“Carebook” or the “Company“) CRBK CRBKF PMM, a leading Canadian provider of innovative digital health solutions today announced its results for the quarter ended March 31, 2023.

“We continue to execute on our business plan, completed several large implementations during the quarter and signed over $4M in additional contract value since the beginning of the year” commented Michael Peters, Carebook CEO. “We reached a new high this quarter in terms of our revenue and continued our drive towards profitability. Our focus on cost management coupled with significant contract expansions confirms Carebook’s positive trajectory and reinforces our belief in our ability to achieve profitable growth in the near future.”

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1 EBITDA and Adjusted EBITDA are non-IFRS financial measures, and Adjusted EBITDA Margin is a non-IFRS financial ratio, in each case without a…

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