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WeCommerce Reports First Quarter 2021 Results // investors.wecommerce.co/news/news-details/2021/WeCommerce-Reports-First-Quarter-2021-Results/default.aspx View all news 05/28/2021 VICTORIA , British Columbia -- ( BUSINESS WIRE ) -- WeCommerce Holdings Ltd. ( " WeCommerce " or " the " Company " ) ( TSXV : WE ) today announced its financial results for the three - month period ended March 31 , 2021 ( " Q1 2021 " ) . Currency amounts are in Canadian dollars unless otherwise noted . Q1 2021 Highlights • Revenue in Q1 2021 was $ 6,039,220 , an increase of $ 1,876,827 or 45 % compared to the first quarter of 2020 ( " Q1 2020 " ) . • Net loss was $ 1,757,976 in Q1 2021 compared to net income of $ 139,327 in Q1 2020 . • The net loss for Q1 2021 includes finance fees of $ 1,045,356 in connection with the early repayment of long - term debt on March 31 , 2021 as well as the accelerated amortization of $ 127,500 of deferred finance fees on this facility . The early repayment was made as part of the finalization of our new debt facility with a new lender as part of our financing strategy for the acquisition of Stamped in April 2021. Q1 2021 net loss also includes acquisition costs of $ 777,684 ( Q1 2020 : $ nil ) . Excluding these expenses , net income for Q1 2021 would have been $ 192,564 ( Q1 2020 : net income of $ 139,327 ) . • Cash on hand on March 31 , 2021 amounted to $ 48,286,282 compared to $ 61,193,367 on December 31 , 2020 . Adjusted EBITDA1¹ for Q1 2021 amounted to $ 2,000,974 or 33 % of revenue , compared to $ 912,018 or 22 % of revenue in Q1 2020 . ● Q1 2021 Financial Results : Revenue Recurring subscription revenue Digital goods revenue Agency service revenue Operating income / ( loss ) For the three - month periods ended March 31 , 2021 2020 2,279,842 1,155,569 2,171,548 1,746,376 1,587,830 1,260,448 6,039,220 4,162,393 ( 136,116 ) 190,353 1/4