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Kneat Kneat Reports 2021 First Quarter Results May 26 , 2021 12:00 PM EDT LIMERICK , Ireland , May 25 , 2021 / CNW / - kneat.com , inc . ( TSXV : KSI ) ( " Kneat " ) a company focused on digitizing and automating validation processes for Life Sciences , today announced its financial results for the three - month period ended March 31 , 2021. All dollar amounts are presented in Canadian dollars unless otherwise stated . • Q1 Revenues of $ 2.35 million , up 147 % year - over - year • Q4 SaaS Revenues of $ 1.29 million , up 215 % year - over - year • Annualized Recurring Revenue was $ 5.74 million at 31 March , 2021 , up 120 % year - over - year " We are proud of our team as they continue to execute to plan across all areas of our business . During the quarter , we were successful in signing additional top tier companies while increasing utilization metrics within our existing base . The recent addition of another global leader brings the number of top ten biopharma manufacturers that have selected Kneat Gx as their corporate e - validation platform to seven . In parallel we have been focused on strengthening our corporate structure and developing our management teams , as we enhance the Kneat SaaS platform in preparation for accelerated growth in the future . " -Eddie Ryan , Chief Executive Officer of Kneat . Fiscal 2021 First Quarter Results • Revenues : Total revenues for the first quarter were $ 2.36 million , up from $ 0.95 million for the same period in 2020 , an increase of 147 % . SaaS revenues for the first quarter were $ 1.29 million , up from $ 0.41 million for the same period in 2020 , an increase of 215 % . • Gross Margin : First quarter gross margin was $ 1.09 million , compared to $ 0.05 million for the same period in 2020 . • Net Loss : Net loss for the first quarter of 2021 was $ 4.07 million , up from $ 0.46 million for the same period in 2020. The increase in net loss mainly reflects adverse unrealised foreign currency movements , primarily on intercompany balances , resulting in a foreign currency loss of $ 1.97 million in the first quarter of 2021 versus a foreign currency gain of $ 1.48 million in the same period in 2020 . Annualized recurring revenue ( " ARR " ) • Total ARR : Total ARR , a Key Performance Indicator , which includes SaaS license fees and maintenance fees was $ 5.74 million at March 31 , 2021 , up from $ 2.62 million as of March 31 , 2020 , an increase of 120 % . Quarter - over - quarter growth in total ARR was 21 % , up from $ 4.76 million as of December 31 , 2020 . • SaaS ARR : Within this total ARR the proportion attributable to SaaS license fees was $ 4.89 million at March 31 , 2021 , up from $ 1.88 million as of March 31 , 2020 , an increase of 161 % . Quarter - over - quarter growth in SaaS ARR was 25 % , up from $ 3.90 million as of December 31 , 2020 . " Quarter 1 , 2021 revenues were 147 % higher than Quarter 1 , 2020. SaaS license revenues have increased 215 % and now represent more than half of total revenue for the quarter . Our goal for the rest of 2021 is to continue to grow our ARR base as we onboard new customers , expand existing customers , and transition legacy on - premise customers onto our SaaS platform . " -Hugh Kavanagh , Chief Financial Officer of Kneat . Recent Highlights • In May , accomplished executive Nutan Behki was elected to the Company's board of directors at its AGM . Ms. Behki is being granted Deferred Share Units ( DSUs ) worth $ 100,000 . • In May , the Company announced it signed a five - year corporate Master Services Agreement ( MSA ) with another top ten biopharma company . This brings the number of top ten global biopharma manufacturers who have selected Kneat Gx as their corporate e - validation platform