Spetz Announces Results for the Three Months Ended March 31, 2024

TORONTO, ON / ACCESSWIRE / May 15, 2024 / SPETZ INC. (the "Company" or "Spetz") (CSE:SPTZ)(OTC PINK:DBKSF) today reported its financial results for the three months ended March 31, 2024 ("Q1 2024"). All figures are in US Dollars.

Highlights:

• Revenue for Q1 2024 increased by 4.6% to US$543K compared to US$518K in the three months ended March 31, 2023 ("Q1 2023"), the revenue for the period represents referral service fee.
• Net Loss after income tax expenses decreased by 60% to US$418K for Q1 2024 compared to US$1,044K in Q1 2023.
• Adjusted EBITDA loss, as defined in the management discussion and analysis, decreased by 59.5% to US$166K for Q1 2024, compared to US$410K for Q1 2023.

"We are pleased to announce our financial results for Q1 2024, which continue the trend of efficiency and improvement," said Yossi Nevo, CEO of Spetz Inc. "Driven by our efficiency plan, we successfully reduced expenses, leading to a notable decrease of about 60% in adjusted EBITDA loss. Despite these significant expense reductions, we still achieved revenue growth. These measures, along with ongoing initiatives, demonstrate our commitment to operational excellence and profitability. Our dedicated teams are working diligently to strengthen Spetz's market position further."

For full financial information, notes, and management commentary, please refer to the Company's Management's Discussion and Analysis (MD&A) and the Consolidated Financial Statements as of March 31, 2024, posted on the Company's website and available on SEDAR. All financial information is provided in U.S. dollars unless otherwise indicated. In addition, all financial information provided herein is unaudited unless otherwise stated.

Foto: Accesswire

Foto: Accesswire

About Spetz Inc.

Spetz Inc. is a multinational technology company that operates Spetz, a global online, AI-powered marketplace platform that dynamically connects consumers to nearby top-rated service providers in around 30 seconds. Spetz is available in the USA, United Kingdom, Australia, and Israel. The Spetz vision is to reinvent how people around the world connect to services in their moment of need. Connecting them immediately with the top-matched service provider for any need, anytime, anywhere.