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Virtutone posts record half-million in revenue in one day

Virtutone CEO Jason Allen says the company's margins are improving.

Virtutone CEO Jason Allen says the company’s margins are improving. Virtutone Networks (TSX:VFX) says it posted a new daily revenue record of more $500,000 on Wednesday, April 9, 2014.

CEO Jason Allen said the company’s bottom line was also improving.

“This is a great milestone that we have achieved,” he said. “Due to our strong balance sheet, we are leveraging our strong financial position to increase organic sales as we had projected, while maintaining our margins. We have also updated our investor presentation, which is available now on our website.”

Using a state-of-the-art switch platform to move minutes from the customer to the vendor, Virtutone procures inexpensive minutes and sells them to other VoIP companies in Canada and the US. Following a lengthy period of infrastructure investment, the company’s topline has begun to climb aggressively, from $200,000 in monthly revenue last February, to $9.12-million in March of this year.

At press time, shares of the company were up 17.5% to $0.47.

Disclaimer: Virtutone is an annual sponsor of Cantech Letter

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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