CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) -- GINSMS Inc. (TSXV: GOK) ("GINSMS” or the "Corporation”) has announced its financial results for the fourth quarter and twelve months ended December 31, 2024.

The annual audited financial statements of the Corporation for the twelve months ended December 31, 2024 are currently under audit and in the process of preparation. As required under Canadian securities law regulations, the Corporation will be disclosing and filing on SEDAR its annual audited financial statements and the related management's discussion and analysis ("MD&A”) within 120 days after the end of its year end of December 31, 2024.

This financial disclosure was done in advance of the filing of the audited financial statements of the Corporation to allow GINSMS' ultimate holding company, Beat Holdings Limited ("BHL”), a public company in Japan, to use certain of GINSMS' financial information in the preparation of BHL's financial statements and announcements.

The Corporation's financial information for the twelve months ended December 31, 2024 is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards”). All amounts are expressed in Canadian Dollars unless otherwise noted.

Highlights include:

• Revenue of $2,506,107 for the twelve-month period ended December 31, 2024 as compared to revenue of $3,188,505 for the twelve-month period ended December 31, 2023.
• Revenue of $459,833 for the three-month period ended December 31, 2024 as compared to revenue of $755,164 for the three-month period ended December 31, 2023.
• Gross Profit of $1,154,956 for the twelve-month period ended December 31, 2024 as compared to gross profit of $1,316,952 for the twelve-month period ended December 31, 2023.
• Gross Profit of $194,057 for the three-month period ended December 31, 2024 as compared to gross profit of $347,799 for the three-month period ended December 31, 2023.
• Operating expenses and finance costs of $1,131,005 for the twelve-month period ended December 31, 2024 decreased from $1,450,602 for the twelve-month period ended December 31, 2023.
• Operating expenses and finance costs of $418,574 for the three-month period ended December 31, 2024 decreased from $636,353 for the three-month period ended December 31, 2023.
• Net profit of $21,485 for twelve-month period ended December 31, 2024 as compared to a net loss of $129,656 for twelve-month period ended December 31, 2023.
• Net loss of $224,541 for three-month period ended December 31, 2024 as compared to a net loss of $280,939 for three-month period ended December 31, 2023.

Selected Profit and Loss Information

Financial Highlights	Three-month period ended December 31, 2024 (Unaudited)		Three-month period ended December 31, 2023 (Unaudited)		Twelve-month period ended December 31, 2024 (Unaudited)		Twelve-month period ended December 31, 2023 (Audited)
Revenues $
A2P Messaging Service	92,877		162,229		715,934		986,715
Software Products & Services	366,956		592,935		1,790,173		2,201,790
	459,833		755,164		2,506,107		3,188,505
Cost of sales $
A2P Messaging Service	58,517		90,242		344,322		661,385
Software Products & Services	207,259		317,123		1,006,829		1,210,168
	265,776		407,365		1,351,151		1,871,553
Gross profit $
A2P Messaging Service	34,360		71,987		371,612		325,330
Software Products & Services	159,697		275,812		783,344		991,622
	194,057		347,799		1,154,956		1,316,952
Gross margin %
A2P Messaging Service	37.0%		44.4%		51.9%		33.0%
Software Products & Services	43.5%		46.5%		43.8%		45.0%
	42.2%		46.1%		46.1%		41.3%
Adjusted EBITDA(1) $ Adjusted EBITDA margin	(129,990) (28.3)%		(264,350) (35.0)%		188,661 7.5%		(38,624) (1.2)%
Net (loss)/profit $ Net (loss)/profit margin	(224,541) (48.8)%		(280,939) (37.2)%		21,485 0.9%		(129,656) (4.1)%
Net (loss)/earnings per share $	(0.119)		(0.149)		0.012		(0.069)
Basic and Diluted (in Canadian cents)

(1) Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS Accounting Standards. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortisation (in both cost of sales and general and administration expenses), interest expenses and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognised under IFRS Accounting Standards and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS Accounting Standards. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives.

Cost of Sales

	Three-month period ended December 31, 2024 (Unaudited)	Three-month period ended December 31, 2023 (Unaudited)	Twelve-month period ended December 31, 2024 (Unaudited)	Twelve-month period ended December 31, 2023 (Audited)
Depreciation - Property, plant and equipment	11,243	11,340	44,891	40,610
Salaries and wages	186,670	283,763	906,724	1,118,788
Subcontractor costs	60,257	102,769	367,611	673,912
Software and hardware	-	-	-	1,951
Others	7,606	9,493	31,925	36,292
	265,776	407,365	1,351,151	1,871,553

Operating Expenses and Finance Costs

	Three-month period ended December 31, 2024 (Unaudited)	Three-month period ended December 31, 2023 (Unaudited)	Twelve-month period ended December 31, 2024 (Unaudited)	Twelve-month period ended December 31, 2023 (Audited)
Salaries and wages	130,414	343,367	377,658	617,261
Directors' fees	10,000	10,000	40,000	40,000
Professional fees	69,928	61,517	301,269	271,009
Foreign currency exchange loss	44,998	34,650	3,913	50,584
Other general & administrative expenses	46,018	69,289	254,414	312,666
Allowance for doubtful debts	33,932	104,666	33,932	104,666
Research & development costs	69,184	-	69,184	-
Depreciation
- Property, plant and equipment	265	86	778	356
- Right-of-use assets	12,273	11,542	46,250	46,901
Lease interests on lease liabilities	1,562	1,236	3,607	7,159
	418,574	636,353	1,131,005	1,450,602

Selected Balance Sheet Information

The figures reported below are based on the unaudited consolidated financial statements of the Corporation which have been prepared in accordance with IFRS Accounting Standards.

			December 31, 2024 (Unaudited) $		December 31, 2023 (Audited) $
Current Assets
Accounts receivable			671,730		635,568
Deposits and prepayments			68,360		63,439
Current tax assets			156		330
Bank and cash balances			191,903		239,824
			932,149		939,161
Non-Current Assets
Property, plant and equipment			48,375		83,061
Right-of-use assets			81,912		30,954
TOTAL ASSETS			1,062,436		1,053,176	NEXT ARTICLE Related Articles Pioneering Payment Innovation: How Bitget Wallet is Exploring QR Code Integration for Web3 VOOPOO Wins Two Prestigious Vapouround Awards at the World Vape Show Dubai 2025 Bekaert - Update on the Share Buyback Program and Liquidity Agreement Moody's Ratings affirms Baa1 credit rating for EPSO-G Group NBPE - May Monthly Net Asset Value Estimate Transaction in own shares Falcon Oil & Gas Ltd. - Notice of Annual General and Special Shareholder Meeting