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Wavedancer, Inc. (WAVD) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Wavedancer, Inc.

CIK: 803578 Ticker: WAVD

Exhibit 99.1

 

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WaveDancer Releases Fiscal Year 2021 Results

 

Strategic Shift to Higher Margin Professional Services Under the Tellenger Banner Continues

 

FAIRFAX, VA, April 12, 2022

– WaveDancer (NASDAQ: WAVD), today reported its results for the fiscal year ended December 31, 2021, with results highlighted by expansion in gross margins driven by a sharp shift away from lower margin 3rd party software sales and toward higher margin professional services. During 2021, WaveDancer completed two key acquisitions and successfully rebranded the company as a leading provider of secure, blockchain-based supply chain management solutions.

 

WaveDancer CEO Jamie Benoit commented, “2021 was a transformational year dominated by change as we assembled the pieces needed to become a leader in the zero trust, blockchain, and security supply chain market. Our up-listing to NASDAQ, rebranding from IAI to WaveDancer, acquisition of Gray Matters Inc., reorganization of our legacy services business into our Tellenger subsidiary, and the new members we added to our team, both at the board and senior management levels, comprised an eventful and positive end to the year. We are excited to continue our transformation in 2022 and beyond”

 

Mr. Benoit continued, “This fiscal year was one of impressive growth in professional services revenues and gross profit. Our legacy business had sales of $12.6 million and its professional services revenues were 64.7% of total revenue for the fiscal year. The shift to higher margin professional services revenue helped drive substantial growth in gross margin, which expanded to 24.1% from 15.9% a year ago. We also paid down $1.5 million of debt related to the acquisition of Tellenger and began 2022 debt-free. SG&A increased in 2021 reflecting significant investments in the acquisitions that comprise the foundation of our transformation, new members of our management team, a new Maryland facility, up-listing to NASDAQ and an increase in professional fees to improve the quality of our communications, disclosures and governance. I firmly believe that we are on the cusp of a sea-change in our business and our investments in 2021 reflect our commitment to a total transformation of WaveDancer.”

 

 

Twelve Months 2021 Financial Highlights (all comparisons to prior year period unless otherwise noted)

 

Total revenues increased 8.1% to $15.0 million, compared with $13.9 million.

 

Professional fees increased 91.6% to $10.6 million up from $5.5 million.

 

Gross profit expanded significantly, increasing to $3.6 million, compared with $2.2 million; gross margin expanded to 24.1%; higher-margin professional fees accounted for 70.5% of revenues.

 

Net loss of $(1.1) million, compared with net income of $0.4 million as our gross margin growth was more than offset by our investments in SG&A.

 

Adjusted EBITDA1 of $0.4 million, compared with $0.5 million, notwithstanding significant SG&A investments

 


The following information was filed by Wavedancer, Inc. (WAVD) on Monday, April 18, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Wavedancer, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Wavedancer, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive (Loss) Income (Unaudited)
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 10 - Income Taxes
Note 10 - Income Taxes (Details Textual)
Note 11 - (Loss) Income Per Share
Note 11 - (Loss) Income Per Share (Details Textual)
Note 11 - (Loss) Income Per Share (Tables)
Note 11 - (Loss) Income Per Share - Reconciliation Of The Amounts Used In Calculating Basic And Diluted Net Loss Per Common Share (Details)
Note 2 - Revenue From Contracts With Customers - Accounts Receivable (Details)
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition (Details Textual)
Note 2 - Revenue Recognition (Tables)
Note 2 - Revenue Recognition - Changes In Contract Assets And Liabilities (Details)
Note 2 - Revenue Recognition - Deferred Costs Of Revenue Balances Included In Prepaid Expenses (Details)
Note 2 - Revenue Recognition - Disaggregation Of Revenue From Contracts With Customers (Details)
Note 3 - Leases
Note 3 - Leases (Details Textual)
Note 3 - Leases (Tables)
Note 3 - Leases - Operating Lease Maturities (Details)
Note 4 - Fair Value Measurements
Note 4 - Fair Value Measurements (Details Textual)
Note 4 - Fair Value Measurements (Tables)
Note 4 - Fair Value Measurements - Financial Assets Measured At Fair Value On Recurring Basis (Details)
Note 5 - Acquisitions
Note 5 - Acquisitions (Details Textual)
Note 5 - Acquisitions (Tables)
Note 5 - Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Note 5 - Acquisitions - Purchase Price Allocation (Details)
Note 5 - Acquisitions - Unaudited Pro Forma Information (Details)
Note 6 - Goodwill And Intangible Assets
Note 6 - Goodwill And Intangible Assets (Details Textual)
Note 6 - Goodwill And Intangible Assets (Tables)
Note 6 - Goodwill And Intangible Assets - Amortization Expense (Details)
Note 6 - Goodwill And Intangible Assets - Schedule Of Intangible Assets And Goodwill (Details)
Note 7 - Stock-Based Compensation
Note 7 - Stock-Based Compensation (Details Textual)
Note 7 - Stock-Based Compensation (Tables)
Note 7 - Stock-Based Compensation - Assumptions (Details)
Note 8 - Revolving Lines Of Credit
Note 8 - Revolving Lines Of Credit (Details Textual)
Note 9 - Private Offerings Of Common Stock
Note 9 - Private Offerings Of Common Stock (Details Textual)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Wavedancer, Inc. provided additional information to their SEC Filing as exhibits

Ticker: WAVD
CIK: 803578
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-012638
Submitted to the SEC: Mon May 16 2022 4:30:41 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Prepackaged Software

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