ParcelPal Technology, Inc. Reports Record Third Quarter 2020 Financial Results Highlighted by Quarterly year over year Revenue Growth of 13%

VANCOUVER, British Columbia, Dec. 01, 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 September 30, 2020 (“Q3 2020”), highlighted by continued revenue growth compared to the same period 2019.

Overview

In Q3 2020, the Company continued its operating growth, which was driven by revenue growth of approximately 13% to approximately $1,466,528 (up from $1,299,275 in Q3 2019), which is a record revenue high for Q3 since inception of the Company. Our revenue growth has been driven by our business expansion, in which we continue to sign and retain higher margin customer agreements, ramping up our staffing levels to meet the increase in business, increasing our focus on client diversification, and expanding into new markets. Some highlights of the third quarter include both an increase in our 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. Continuing with this planned trend, the Company had also announced newly executed agreements in the third quarter, including increased business in the flower delivery space, meal kit deliveries and as of last week a nationwide specialty pharmacy services and solutions company.

In Q3, the Company also experienced certain one-time expenses, including costs related to the positioning of the Company for greater success moving forward in the near and longer term, as exhibited by our first ever profitable month in October 2020. Certain of these expenses included expansion into new market costs, additional fleet acquisitions, personnel changes, shifting from B2C to B2B sales, securing a primary listing of our securities on the OTCQB, and accruing expenses related to becoming an SEC compliant filer. The additional cost incursions increased our net loss for the quarter by 52% to $1,095,404 (compared to $721,727 in Q3 2019). With this expansion and certain strategic changes has come higher short term costs; however, with many of these temporary costs behind us, we believe the Company will see continued improvement in profitability and operating margins in Q4 and beyond.