ParcelPal Technology, Inc. Reports Record Second Quarter 2020 Financial Results Highlighted by Quarterly year over year Revenue Growth of 88% Coupled with a 59% Lower Net Loss

VANCOUVER, British Columbia, Aug. 31, 2020 (GLOBE NEWSWIRE) -- ParcelPal Technology Inc. (“ParcelPal” or the “Company”), (PKG:CSE) (FSE:PT0) (OTC:PTNYF) is pleased to announce its financial results for the period ended June 30, 2020 (“Q2 2020”), highlighted by significant revenue growth and a significantly lower net loss compared to the same period 2019. 

Overview

In Q2 2020, the Company continued its operating growth, which was driven by revenue growth of nearly 88% to approximately $1,445,587 (up from $802,034 in Q2 2019). It should also be noted that this was a record revenue high for Q2 since inception of the Company.  Equally important, the Company’s net loss decreased 59% to $802,034 (compared to $1,946,831 in Q2 2019).  Some additional highlights of the quarter include 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 kits and large retail store chain deliveries. The Company had also announced new agreements that were recently signed, including customers in the flower delivery space (with two different companies), a small beverage company, a grocer, a pet supply store, and a nationwide meal delivery kit company (our second of this type since February 2020). 

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, retain higher margin customer agreements, ramp up our staffing levels to meet the increase in business, increase our focus on client diversification, and begin our geographic expansion.

CEO Rich Wheeless stated, "I am very pleased that in this second quarter we made significant headway in executing the plan I laid out when I started with the Company in March 2020, and we will continue to take actions to continually strengthen our business. This includes a focus on what we do best, including, but not limited to, retaining larger customers, entering into new business arrangements and agreements and having operations in multiple site locations, all of which has enabled us to scale at a faster pace.  Importantly, these economies of scale have helped lead us to better margins.  Additionally, management has made major progress in reducing expenditures while aligning our strategy and marketing plans.  It is important to note that due to the COVID-19 pandemic, we believe that there is and will be a continued shift in consumer behavior, which is beneficial to our business model and should also be accretive in the next quarter and beyond.  I look forward to providing new and relevant information in the upcoming quarters.”