Spetz Announces Results from Third Quarter Ending September 30, 2023

TORONTO, ON / ACCESSWIRE / November 8, 2023 / SPETZ INC. (the "Company" or "Spetz") (CSE:SPTZ)(OTC PINK:DBKSF) today reported its financial results for the third quarter ended September 30, 2023 ("Q3 2023") all figures in US Dollars.

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Highlights:

• Revenue for the nine months ended September 30, 2023, increased by 207% to $1,632,000 compared to $534,000 in the nine months ended October 31, 2022. Part of the comparative period represents the operations of DigiMax Global Inc. prior to the acquisition of Spetz Tech Ltd. on August 17, 2022.
• Net Loss after income tax expenses decreased by 53.1% to $739,000 for Q3 2023 compared to $1,577,000 in Q3 2022. Net Loss after income tax expenses decreased by 38.9% to $2,458,000 for nine months ended September 30, 2023, compared to $4,026,000 in the nine months ended October 31, 2022.
• Adjusted EBITDA loss, as defined in the management discussion and analysis, decreased by 18.1% to $221,000 for Q3 2023 compared to $270,000 in Q3 2022. In addition, the Q3 2023 adjusted EBITDA loss decreased by 54% compared to Q2 2023, reducing from $481,000 to $221,000.

Yossi Nevo, CEO of Spetz, shares key points and illustrates his conclusions. "A few months ago, we introduced our comprehensive efficiency plan. It is designed as an ongoing process aimed at reducing our operational costs while safeguarding our revenue streams by concentrating our efforts on our most profitable operations, and we have now witnessed a remarkable 53% decrease in losses between Q3 2022 to Q3 2023 and an improvement of 54% in the Adjusted EBITDA loss in Q3, 2023 compared to Q2, 2023. This significant improvement demonstrates a positive trend in the company's financial performance over the past year.

We are proud to say that this has successfully brought us to a situation where we believe we can accelerate our operations in a highly profitable manner. We are rapidly approaching the break-even point in the short term, and we are laying the foundation for sustained cash flow positivity in the long term, which will be invested in boosting our marketing using our AI marketing capabilities with the expectation to create exponential growth," commented Yossi Nevo, CEO of Spetz. "We believe that this strategic transformation has the potential to create the ideal environment for our company's value to surge and would ultimately benefit our investors and make them exceptionally pleased with our progress," Mr. Nevo added.