{"id":479872,"date":"2021-04-21T16:15:34","date_gmt":"2021-04-21T20:15:34","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wecommerce-reports-fourth-quarter-2020-and-fiscal-2020-results\/"},"modified":"2021-04-21T16:15:34","modified_gmt":"2021-04-21T20:15:34","slug":"wecommerce-reports-fourth-quarter-2020-and-fiscal-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wecommerce-reports-fourth-quarter-2020-and-fiscal-2020-results\/","title":{"rendered":"WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadl3 { padding-left: 15px }\n.bwpadr0 { padding-right: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results<\/b><\/p>\n<p>VICTORIA, British Columbia&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wecommerce.co&amp;esheet=52415959&amp;newsitemid=20210421006018&amp;lan=en-US&amp;anchor=WeCommerce&amp;index=1&amp;md5=37d023535418b6fa6872bcf826863905\">WeCommerce<\/a> Holdings Ltd. (\u201cWeCommerce\u201d or \u201cthe \u201cCompany\u201d) (TSXV: WE) today announced its financial results for the three-month period ended December 31, 2020 (\u201cQ4 2020\u201d) and the year ended December 31, 2020 (\u201cFiscal 2020\u201d). Currency amounts are in Canadian dollars unless otherwise noted.\n<\/p>\n<p><b>Q4 2020 Highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nClosing of $60,000,871 financing (gross proceeds) and listing on the TSXV through a reverse acquisition of Brachium Capital Corp.\n<\/li>\n<li>\nRevenue in the fourth quarter of 2020 (\u201cQ4 2020\u201d) was $6,145,268, an increase of $2,140,467 or 53% compared to the fourth quarter of 2019 (\u201cQ4 2019\u201d).\n<\/li>\n<li>\nNet loss was $5,469,103 in Q4 2020 compared to a net loss of $309,417 in Q4 2019.\n<\/li>\n<li>\nThe net loss for Q4 2020 includes a one-time listing expense of $1,634,081 incurred in connection with the reverse acquisition transaction that took place in December 2020. Q4 2020 also includes non-cash stock-based compensation of $3,865,047 relating to the accelerated vesting of stock options on the date of the reverse acquisition transaction. Excluding these expenses, net income for Q4 2020 would have been $30,025.\n<\/li>\n<li>\nCash on hand on December 31, 2020 amounted to $61,193,367 compared to $2,869,581 on December 31, 2019.\n<\/li>\n<li>\nAdjusted EBITDA<b><sup>1<\/sup><\/b> for Q4 2020 amounted to $1,706,264 or 28% of revenue, compared to $685,980 or 17% of revenue in Q4 2019.\n<\/li>\n<\/ul>\n<p><b>Fiscal 2020 Highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nRevenue for Fiscal 2020 was $21,281,499, an increase of $6,113,448 or 40% compared to the year ended December 31, 2019 (\u201cFiscal 2019\u201d).\n<\/li>\n<li>\nNet loss was $4,416,476 in Fiscal 2020 compared to a net income of $128,999 in Fiscal 2019.\n<\/li>\n<li>\nExcluding the one-time expenses incurred in Q4 2020, net income for Fiscal 2020 would have been $1,082,652.\n<\/li>\n<li>\nAdjusted EBITDA<b><sup>1<\/sup><\/b> for Fiscal 2020 amounted to $6,340,057 or 30% of revenue, compared to $3,501,548 or 23% of revenue in Fiscal 2019.\n<\/li>\n<li>\nAcquisition of Foursixty Inc. in June 2020 contributed $2,232,223 to subscription revenues for Fiscal 2020.\n<\/li>\n<\/ul>\n<p><b>Q4 2020 and Fiscal 2020 Financial Results<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwtopsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwtopsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>For the three-month periods<br \/>\n<br \/>ended December 31,<\/b><\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwtopsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>For the years ended<br \/>\n<br \/>December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>2020<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2019\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>2020<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2019\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Revenue<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nRecurring subscription revenue\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>2,232,030<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,167,528\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>6,887,246<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,246,600\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nDigital goods revenue\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>2,304,446<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,728,864\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>8,973,746<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,017,057\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nAgency service revenue\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1,608,792<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,108,409\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>5,420,507<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,904,394\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>6,145,268<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,004,801\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>21,281,499<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,168,051\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Operating income\/(loss)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(3,410,817<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28,053\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(1,386,370<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n933,871\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net income\/(loss)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(5,469,103<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(309,417\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(4,416,476<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n128,999\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>EBITDA<sup>(1)<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(4,200,197<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n571,322\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>17,902<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,118,043\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>EBITDA %<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(68<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>0.1<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Adjusted EBITDA<sup>(1)<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1,706,264<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n685,980\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>6,340,057<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,501,548\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Adjusted EBITDA %<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>28<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>30<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\nNotes:\n<\/p>\n<p>\n1. See \u201cNon-IFRS financial measures\u201d for further information.\n<\/p>\n<p>\nRevenues for the year ended December 31, 2020 increased by $6,113,448 or 40% from $15,168,051 in 2019 to $21,281,499 in 2020. Revenues for our Apps segment increased by $2,640,646 or 62%, from $4,246,600 in 2019 to $6,887,246 in 2020. The increase for the year can be attributed to the acquisition of Foursixty Inc. on June 1, 2020, contributing $2,232,223 of revenue in 2020, with the remaining increase attributed to our Pixel Union Apps portfolio.\n<\/p>\n<p>\nRevenues for our Themes segment increased by $1,956,689 or 28%, from $7,017,057 in 2019 to $8,973,746 in 2020. Theme&#8217;s revenue is correlated to Shopify\u2019s new merchant growth and benefitted from the significant pivot to e-commerce made by small and medium sized businesses in response to the COVID-19 pandemic. These results were further supported both by product investments in theme catalogue design refreshes and pricing adjustments for both the Pixel Union and Out of the Sandbox brands, as well as marketing investments such as the launch of our &#8220;Outstanding Shop Awards&#8221; program that saw participation from over one thousand merchants, agencies, and e-commerce influencers.\n<\/p>\n<p>\nRevenues for our Agency segment increased by $1,516,113 or 39%, from $3,904,394 in 2019 to $5,420,507 in 2020. This increase is primarily due to the inclusion of a full year of revenue contribution from Rehash Ltd., amounting to an increase of $1,107,997 in Agency revenues compared to the prior year which only included two months of contribution. The remaining increase can be attributed to organic growth in core agency sales as well as expansion of a project with the Government of British Columbia relating to the creation and launch of an online cannabis store.\n<\/p>\n<p>\n\u201c2020 continued to be a very active year for WeCommerce, culminating in the commencement of trading on the TSX Venture Exchange,\u201d said Chris Sparling, CEO of WeCommerce. \u201cWe have continued this pace of activity in 2021 with the acquisition of Stamped, and we continue to believe we can identify and acquire targets in the Shopify partner ecosystem.\u201d\n<\/p>\n<p><b>Financial Statements<br \/>\n<br \/><\/b>WeCommerce\u2019s Audited Annual Consolidated Financial Statements and Management\u2019s Discussion and Analysis (\u201cMD&amp;A\u201d) for Q4 2020 and Fiscal 2020 are available on the Company\u2019s Website at <b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wecommerce.co&amp;esheet=52415959&amp;newsitemid=20210421006018&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.wecommerce.co&amp;index=2&amp;md5=a4e5d6d10e5f4f6923745cae0f67c647\">https:\/\/www.wecommerce.co<\/a><\/b>or on SEDAR at <b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com&amp;esheet=52415959&amp;newsitemid=20210421006018&amp;lan=en-US&amp;anchor=www.sedar.com&amp;index=3&amp;md5=25ff3ad4fd873b73a87edc7050c07a3d\">www.sedar.com<\/a>.<\/b><\/p>\n<p><b>About WeCommerce Holdings Ltd<br \/>\n<br \/><\/b>WeCommerce is a holding company that owns a family of companies and brands in the Shopify partner ecosystem, including Pixel Union, Out of the Sandbox, Yopify, SuppleApps, Rehash, Stamped and Foursixty. The Company\u2019s primary focus is to build, grow and acquire businesses that serve the Shopify Partner ecosystem. These businesses consist largely of Software as a Service, Digital Goods and Services businesses. Generally, these businesses build Apps and Themes and run Agencies that support Shopify merchants.\n<\/p>\n<p>\nWeCommerce is focused on acquiring businesses with growth potential, a sustainable competitive advantage and that are, or have the potential to become, a leader within their particular market. The Company targets businesses within the Shopify ecosystem due to its confidence in the Shopify platform, the fragmented nature of the ecosystem and the attractive economics that the businesses generally exhibit. As one of Shopify\u2019s first partners since 2010, WeCommerce believes it is well positioned to continue to identify acquisition opportunities in the Shopify Partner ecosystem.\n<\/p>\n<p><b>Non-IFRS financial measures<br \/>\n<br \/><\/b>This news release makes reference to certain non-IFRS measures. These measures are not recognised measures under IFRS, and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management\u2019s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including \u201cEBITDA\u201d and \u201cAdjusted EBITDA\u201d. Management uses these non-IFRS measures in order to facilitate operating performance comparisons<b \/>from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. As required by Canadian securities laws, we reconcile these non-IFRS measures to the most comparable IFRS measures in our MD&amp;A for Fiscal 2020.\n<\/p>\n<p><b><i>Forward looking Information<br \/>\n<br \/><\/i><\/b><i>This news release contains certain forward-looking statements and forward-looking information within the meaning of applicable securities law. Such forward-looking statements and information include, but are not limited to, statements or information with respect to: the Company\u2019s future business and strategies; it\u2019s ability to identify and acquire targets in the Shopify partner; funds available, and uses of funds, and future capital expenditures and other expenses for specific operations,<br \/>\n<br \/>Forward-looking information is frequently characterized by words such as \u201cplan\u201d, \u201cproject\u201d, \u201cintend\u201d, \u201cbelieve\u201d, \u201canticipate\u201d, \u201cestimate\u201d and other similar words, or statements that certain events or conditions \u201cmay\u201d or \u201cwill\u201d occur. Although the Company\u2019s management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include risks relating to reliance on the Shopify platform; the Company\u2019s limited operating history; reliance on management and key employees; conflicts of interest in relation to the Company\u2019s officers, directors, and consultants; additional financing requirements; resale of Common Shares in the publicly-traded market; market price fluctuations for the Common Shares; global financial conditions; management of growth; risks associated with the Company\u2019s strategy of growth through acquisitions; tax risks; currency fluctuations; competitive markets; uncertainty and adverse changes in the economy; unsustainability of the Company\u2019s rapid growth and inability to attract new customers, retain revenue from existing merchants, and increase sale to both new and existing customers; adverse effects on the Company\u2019s revenue growth and profitability due to inability to attract new customers or sell additional products to existing customers; future results of operations being harmed due to declines in recurring revenue or contracts not being renewed; security and privacy breaches; changes in client demand; challenges to the protection of intellectual property; infringement of intellectual property; ineffective operations through mobile devices, which are increasingly being used to conduct commerce; and risks associated with internal controls over financial reporting. The Company undertakes no obligation to update forward-looking statements and information if circumstances or management\u2019s estimates should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements and information. More detailed information about potential factors that could affect results is included in the documents that may be filed from time to time with the Canadian securities regulatory authorities by the Company.<br \/>\n<br \/>For a more detailed discussion of certain of these risk factors, see the Company&#8217;s most recent Management\u2019s discussion and Analysis (&#8220;MD&amp;A&#8221;) described in \u201cRisk Factors\u201d as well as the list of risk factors in the Company\u2019s Annual Information Form available on SEDAR at <b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com&amp;esheet=52415959&amp;newsitemid=20210421006018&amp;lan=en-US&amp;anchor=www.sedar.com&amp;index=4&amp;md5=56e35d1a1b3656090d42a073924eedb6\">www.sedar.com<\/a><\/b> under the Company\u2019s profile<\/i><\/p>\n<p><i>NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.<\/i><\/p>\n<p>\nSOURCE: WECOMMERCE HOLDINGS LTD.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210421006018r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210421006018\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210421006018\/en\/<\/a><\/span><\/p>\n<p>\nEvan Brown, Chief Financial Officer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:evan@wecommerce.co\">evan@wecommerce.co<br \/>\n<\/a><br \/>250-888-9424\n<\/p>\n<p><b>KEYWORDS:<\/b> North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Online Retail Data Management Consumer Electronics Retail Technology Software Networks<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210421006018\/en\/873180\/3\/Profile_2%402x.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results VICTORIA, British Columbia&#8211;(BUSINESS WIRE)&#8211;WeCommerce Holdings Ltd. (\u201cWeCommerce\u201d or \u201cthe \u201cCompany\u201d) (TSXV: WE) today announced its financial results for the three-month period ended December 31, 2020 (\u201cQ4 2020\u201d) and the year ended December 31, 2020 (\u201cFiscal 2020\u201d). Currency amounts are in Canadian dollars unless otherwise noted. Q4 2020 Highlights Closing of $60,000,871 financing (gross proceeds) and listing on the TSXV through a reverse acquisition of Brachium Capital Corp. Revenue in the fourth quarter of 2020 (\u201cQ4 2020\u201d) was $6,145,268, an increase of $2,140,467 or 53% compared to the fourth quarter of 2019 (\u201cQ4 2019\u201d). Net loss was $5,469,103 in Q4 2020 compared to a net loss of $309,417 in Q4 2019. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wecommerce-reports-fourth-quarter-2020-and-fiscal-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-479872","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wecommerce-reports-fourth-quarter-2020-and-fiscal-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results VICTORIA, British Columbia&#8211;(BUSINESS WIRE)&#8211;WeCommerce Holdings Ltd. (\u201cWeCommerce\u201d or \u201cthe \u201cCompany\u201d) (TSXV: WE) today announced its financial results for the three-month period ended December 31, 2020 (\u201cQ4 2020\u201d) and the year ended December 31, 2020 (\u201cFiscal 2020\u201d). Currency amounts are in Canadian dollars unless otherwise noted. Q4 2020 Highlights Closing of $60,000,871 financing (gross proceeds) and listing on the TSXV through a reverse acquisition of Brachium Capital Corp. Revenue in the fourth quarter of 2020 (\u201cQ4 2020\u201d) was $6,145,268, an increase of $2,140,467 or 53% compared to the fourth quarter of 2019 (\u201cQ4 2019\u201d). Net loss was $5,469,103 in Q4 2020 compared to a net loss of $309,417 in Q4 2019. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/wecommerce-reports-fourth-quarter-2020-and-fiscal-2020-results\/","og_locale":"en_US","og_type":"article","og_title":"WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results - Market Newsdesk","og_description":"WeCommerce Reports Fourth Quarter 2020 and Fiscal 2020 Results VICTORIA, British Columbia&#8211;(BUSINESS WIRE)&#8211;WeCommerce Holdings Ltd. (\u201cWeCommerce\u201d or \u201cthe \u201cCompany\u201d) (TSXV: WE) today announced its financial results for the three-month period ended December 31, 2020 (\u201cQ4 2020\u201d) and the year ended December 31, 2020 (\u201cFiscal 2020\u201d). Currency amounts are in Canadian dollars unless otherwise noted. Q4 2020 Highlights Closing of $60,000,871 financing (gross proceeds) and listing on the TSXV through a reverse acquisition of Brachium Capital Corp. Revenue in the fourth quarter of 2020 (\u201cQ4 2020\u201d) was $6,145,268, an increase of $2,140,467 or 53% compared to the fourth quarter of 2019 (\u201cQ4 2019\u201d). Net loss was $5,469,103 in Q4 2020 compared to a net loss of $309,417 in Q4 2019. 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