Boardwalktech Software Corporat (BWLKF) research, news, and more from GeoInvesting

Company description

Wed, 29 Jun 2022 16:30:18 GMT

Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America.

Research

Mon, 22 Apr 2024 14:05:36 GMT

Reiterating Removal of BWLKF From Our Run to One Dollar Model Portfolio

On June 29, 2022 we added Boardwalktech Software Corp (OTC:BWLKF) (BWLK.V) ($0.16, $9.5M Market Cap) to our Run to One Model portfolio on the heels of its strong Q4 2022 results and bullish 2023 guidance.

While the company has slowly continued to improve its top line a bit, losses have continued despite expectations of becoming profitable at the end of 2022, when we first started following the stock on GEO (and actually started since 2019 when we first started tracking it internally).

An inability to reach profitability has led to the company having to raise money twice. Finally, the company has stopped issuing financial guidance (using some BS “for competitive reasons excuse).”

Yesterday, we disclosed that because of the above reasons, we have removed the stock from our Run to $1 Model Portfolio.

Boardwalktech is a digital ledger platform and enterprise software solutions company that helps companies streamline the shared document (mainly spreadsheets) workflow process.

A digital ledger platform is a software system that records and verifies transactions across multiple computers digitally, ensuring security, transparency, and immutability

Research

Tue, 27 Dec 2022 13:12:55 GMT

Boardwalktech Software Corp (OTC:BWLKF) a company that has developed a patented Digital Ledger Technology Platform announced extended and expanded contract with a Fortune 50 California-based technology company to deliver additional data management, analytics and supply chain visibility solutions running on the Boardwalk Platform.

“Additional revenue from this extension starts at USD $400,000 for a combination of license revenue and services as the solutions are expanded across more users. The Company expects additional incremental revenue for recurring license and services for this client during their new fiscal (budgetary) period starting January 2023, as the client ramps this application into production.”

Research

Thu, 17 Nov 2022 18:19:05 GMT

Boardwalktech Software Corp (OTC:BWLKF) ($0.53, $23.7M Market Cap) a company that has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide announced Q2 2023 results:

Sales of $1.5 million vs $1.1 million in the prior year
Non-GAAP net loss of $0.02 vs Non-GAAP net loss of $0.01
Company continues to track at high end of revenue guidance of $6.5 to $7.0 million for fiscal 2023

"The business is at a material inflection point, where we have not one, but two $100 million revenue opportunities. The first is in our existing enterprise market using our digital ledger platform, and the second is in the new financial services channel where we are leveraging our teaming partner ecosystem as we expand into the banking sector. Further, despite economic headwinds, we continue to see our pipeline not only replenish, but grow as we convert new deals; a trend we saw during the early COVID shutdown when our pipeline doubled, as Companies with supply chain and data management issues sought out Boardwalk's unique software solutions to improve and resolve these core problems.”

While revenue growth continues, we are still curious as to when the company will start to deliver on the bottom line.

On June 29, 2022 we added BWLKF to our Run to One Model portfolio on the heels of its strong Q4 2022 results and bullish 2023 guidance.

Research

Thu, 18 Aug 2022 04:00:00 GMT

Boardwalktech Software Corp (OTC:BWLKF) ($0.68, $30.7M Market Cap) a company that has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide announced Q1 2023 results:

Sales of $1.51 million vs $1.02 million in the prior year, a 48% increase
Non-GAAP net loss of $0.01, a slight improvement vs the previous year
Gross margin for Q1-FY23 was 90.2%, a 3.4%-point increase from the previous year's level of 86.8%, and a 2.6% point increase from Q4-FY22 gross margin of 87.9%.

“Momentum exiting Fiscal Year 2022 continued into the first quarter of this year, as the Company saw an increase of recurring revenue licenses both from new and existing customers, further demonstrating our 'land and expand' strategy. Our ARR is in excess of $5 million and continues to grow each month." Chief Executive Officer Andrew T. Duncan commented, "With our sequential and year-over-year growth in revenue, improvement in EBITDA, and positive cash flow from operations, we believe our reported results reflect that ongoing progress. Our June outlook was the Company's first guidance, but it did not include the conversion of deals in our pipeline, so any such success should be incremental to that guidance. In addition to this organic growth, following the success of the addition of two global banking institutions, we are experiencing good traction in this new business channel – both with new partners and end customers - and we expect to close new deals with other enterprises in the months ahead. The Boardwalktech low code digital ledger platform continues to gain traction with these enterprises as it seamlessly solves the many problems associated with structured and unstructured data delivering improved visibility and decision making along with outstanding results and ROI."

Outlook:

The Company is tracking at the high end of its previously announced revenue guidance of $6.5 million to $7.0 million for FY 2023 (60% year-over-year growth at top of range).
The Company still believes it has sufficient funds and current receivables that it neither needs to, nor plans to raise additional equity to achieve its guidance.

On June 29, 2022 we added BWLKF to our Run to One Model portfolio on the heels of its strong Q4 2022 results and bullish 2023 guidance. The stock has had a quick 100+% increase since the time of our alert in late June, when it was trading in the low $0.30 range.

Reasons For Tracking

Thu, 30 Jun 2022 15:25:57 GMT

Boardwalktech Software Corp (OTC:BWLKF) ($0.35, $14.9M Market Cap) - Yesterday via premium tweet we added BWLKF to our Run to One Model portfolio on the heels of its strong Q4 2022 results and bullish 2023 guidance. BWLKF is a company that has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide.

We’d like to highlight a few key points from press release and conference call

The company believes it has reached a major inflection point
Significant contract wins in the next several months are expected.
To enhance transparency with investors, expects to provide regular guidance moving forward, as visibility has improved
BWLKF expects to achieve profitability by calendar 2022 year end
The Q4 results (March Quarter) only had one month of a new large contract represented. The company expects full impact in June quarter and beyond
- “On March 31, 2022, the Company announced it had signed a long-term recurring license agreement with one of the world's largest banking and financial services companies based in New York, with a focus on compliance, risk, data management, and business process improvement. This new client was brought via a teaming agreement with an existing Boardwalktech client/partner, with the Company projected to recognize net proceeds (i.e., Adjusted-EBITDA) in excess of $4 million over the first three years of the contract.
- On a related note, on April 25, 2022, the Company announced it had signed its second banking client via a new license contract with a major India bank, with initial revenue beginning at the end of Q4-FY22.”
The company transitioned to a SaaS model recurring revenue business in 2018; legacy revenues are now fully behind them
100% customer retention rate since 2018
Focus on increasing wallet share from customers, as many are brought on for one solution and then expand to several other offerings
In Q4 2022, 95% of the revenue was from a SaaS model
Annual recurring revenue (ARR) at the end of March 2022 was $3.7 million. On the conference call management mentioned that ARR will be around $5 million at the end of June 2022 and projected to be $6 million by year’s end
The company has no debt
Does not need to raise any money to fulfill guidance or upside growth
Management stated it is being very conservative with its guidance on the conference call

Bullish comments from management:

“Fiscal Year 2022 will prove to be an inflection point in Boardwalktech's history, not based on outlook and optimism but on actual results. Since several of our recent deals closed at the end of Fiscal 2022, investors should see material sequential revenue growth in Fiscal 2023 as those license contracts are recognized"