ParcelPal Technology, Inc. Reports First Quarter 2020 Results Highlighted by Quarterly year over year Revenue Growth of 43%

VANCOUVER, British Columbia, June 22, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce its Q1 2020 financial results highlighted by significant revenue growth and a much lower net loss year over year. 

Overview

In Q1 2020, the Company continued its operating growth, which was driven by revenue growth of nearly 43% to approximately $1.1 million (up from $770K in Q1 2019). Note: this was a record revenue high for Q1 since inception of the Company.  Also, the Company’s net loss decreased 38% to $866,173 (compared to $1,404,056 in Q1 2019).  Some additional highlights of the quarter included both a significant increase in business with Amazon, as well as continued diversification of our customer base and into other areas driven by home meal kit and large retail store chain deliveries.

Our revenue growth and net loss reductions are, in large measure, driven by our business expansion plan, in which we continue to invest in our product development, ramp up our staffing levels to meet the increase in business, and increased our focus on client diversification.

"The actions we have taken to increase our gross revenue and rebuild our product services have placed our Company in a better position to deliver value to our customers during the crisis caused by the COVID-19 pandemic," said ParcelPal’s CEO Rich Wheeless. "This is just the beginning of our improved operating performance and I am very encouraged by the lower operating losses which I see continuing as the Company expands into new and profitable markets in the current and future quarters."

"We have more work to do, and we will continue to take actions to strengthen our business," said ParcelPal’s CEO Rich Wheeless.  “With only four months into my tenure with the Company, management has made significant progress in reducing expenditures at the same time as aligning our strategy with execution and marketing plans.  It is important to note that we went live in Toronto last week as planned so this should also be accretive in the next quarter and beyond.”

Q1 2020 Financial Highlights:

• Revenue growth of nearly 43% to $1,100,327 (up from $771,435 in Q1 2019). Note: this was a record revenue high for Q1 since inception of the company.
   
• Marketing and promotion decreased to $12,882 (Q1 2019 - $355,553) as the Company reduced marketing activity in an effort to conserve cash and focus on operational growth.