TORONTO, Ontario – December 12, 2023/Globe Newswire/ – NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”), a leading data and AI software and services provider announces strategic expansions in Peru, Mexico and a new contract with McDonald’s LATAM.  According to recent studies,⁽¹⁾ the Latin America big data analytics market size is expected to reach more than US$12 billion by 2028, growing at a CAGR of 7.67% between 2023 and 2028. Additionally, the demand in the artificial intelligence market is projected to show an annual growth rate of 18.44%, resulting in a market size of more than US$19B by 2030, creating significant market opportunity for NOW as it expands its operations throughout the region.

Peru Expansion – A New Geography for NowVertical:

NowVertical is pleased to announce it is expanding its operational reach in South America through a strategic collaboration with Google in Peru, focusing on transformative predictive analytics projects with RIMAC Seguros y Reaseguros. NOW has secured a contract to implement a predictive analytics model to enhance RIMAC’s customer experience, fortify security measures, and ensure resilient business continuity, aligning with NowVertical’s commitment to delivering tangible results and industry-leading solutions. The contract represents NOW’s first customer in Peru.

Mexico Growth – NowVertical’s Strategic Partnership with Google in Mexico:

NowVertical is extending its platform in Mexico by commencing a strategic consulting process in data governance with DMX, a holding of financial brands. In collaboration with Google, NowVertical is also pleased to announce several new contracts with Liverpool and Coppel, prominent Mexican retail conglomerates, leveraging their data and AI technologies to optimize retail operations, foster growth, and drive industry innovation.

World’s Largest McDonald’s Franchisee – NowVertical Announces Contract with Arcos Dorados (McDonald’s LATAM) across Latin America

NOW is also pleased to announce a recently secured contract with Arcos Dorados (McDonald’s LATAM) the world’s largest independent McDonald’s franchisee, operating in 20 Latin American and Caribbean countries and territories, with over 2,300 restaurants and employing over 90 thousand people. NOW will be working with the customer on several projects that include cloud data engineering and data science implementation.

“These strategic collaborations in Peru and Mexico, and our recent partnership with Arcos Dorados (McDonald’s LATAM), represent notable milestones for NowVertical, highlighting our dedication to delivering industry-leading services and solutions on a global scale,” said Sasha Grujicic, CEO of NowVertical. “These new partnerships not only offer an enticing gateway to esteemed organizations but also serve as crucial stepping stones for cultivating enduring relationships with regionally respected brands and organizations.”

These new customer contracts, partnerships and market expansion highlight NOW’s strength in implementing strategic data analysis, machine learning implementation, and AI deployment throughout LATAM. NowVertical’s commitment to pushing the boundaries of innovation and providing customized solutions across diverse industries, with the support of Google, positions the company as a global leader in data and AI solutions.

About NowVertical Group Inc.:

NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers data, technology, and artificial intelligence (AI) solutions into private and public verticals globally. NOW’s solutions sit at the foundation of the modern enterprise by enabling its customers to maximize the impact of their data and AI investments while minimizing their risk, accelerating the time to value, and reducing costs. For more information about NOW, visit www.nowvertical.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact: 

Sasha Grujicic, CEO
IR@nowvertical.com

Glen Nelson, Investor Relations and Communications: glen.nelson@nowvertical.com
t: (403) 763-9797

1. Sources: https://www.mordorintelligence.com/industry-reports/latin-america-big-data-analytics-market, https://www.statista.com/outlook/tmo/artificial-intelligence/south-america#market-size 

TORONTO, Ontario – December 5, 2023/Globe Newswire/ – NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF), a Vertical Intelligence (VI) software and services provider that delivers vertically-specific data, technology, and artificial intelligence (AI) applications into private and public verticals globally, is excited to announce significant contract expansions and operations in the United Arab Emirates (UAE). Driven primarily by the NowVertical subsidiary Smartlytics DMCC (collectively, “NowVertical”), the strategic move establishes NowVertical’s footprint in an important geography, showcasing clients’ success stories who have leveraged NOW’s solutions.

“Our expansion in the UAE underscores the region’s strategic importance in fostering innovation and excellence,” said Mostafa Hashem, Senior Vice President at Smartlytics, a NowVertical Group Company. “We are committed to providing cutting-edge solutions that empower businesses across various sectors to make data and AI-enabled decisions to achieve unparalleled success in their respective industries.”

Transforming Skincare, Ensuring Pharmaceutical Excellence, and Gaining Competitive Advantages

In the Consumer Goods Vertical, NowVertical has made significant strides, partnering with global leaders to address industry challenges. NAOS, a global leader in skincare, collaborated with NowVertical to enhance data-driven decision-making through its SMART Hub platform. NAOS experienced substantial product strategy and financial performance improvements, solidifying its position in the competitive skincare market. A. Menarini, a pharmaceutical giant, worked with NowVertical to ensure data consistency, which is crucial in the pharmaceutical sector, enhancing decision-making processes and overall data integrity. Arvis Company, seeking market insights and competitor strategies, leveraged NowVertical for comprehensive analysis, gaining a competitive edge in their industry.

Streamlining Financial Data, Seamless Analytics Transition, and Elevating Education

In the Professional Services Vertical, NowVertical provides innovative solutions for industry leaders. Sodexo, an international services leader, collaborated with NowVertical to streamline financial data, improve strategic decisions and cost-saving opportunities, and optimize operational efficiency. Now Health, a renowned health insurance provider, turned to NowVertical for a seamless transition to GA4 for optimal analytics, supporting high data analysis and customer service standards. Sharjah Education Academy leveraged NowVertical’s SMART Hub solution to achieve advanced Business Intelligence and Data Analytics and enhance decision-making processes.

Empowering Financial Analysis, Driving Growth Through Digital Analytics, and Optimizing Online Marketing

In the Financial Services Vertical, NowVertical’s solutions empower leading institutions. Zurich Insurance Group partnered with NowVertical to transition its financial data to Power BI, significantly enhancing data analysis capabilities and streamlining its financial reporting process. Multibank Group, facing challenges in digital analytics, collaborated with NowVertical for a customized solution, driving business growth and improving customer satisfaction. ADSS, a prominent financial services organization, optimized online marketing with precision data, collaborating with NowVertical to refine data tracking and conversion setups, improving marketing effectiveness and overall business performance.

Enhancing Offshore Drilling and Revolutionizing District Cooling

In the Industrials Vertical, NowVertical’s collaboration with key players has resulted in operational excellence. Shelf Drilling, an international offshore drilling company, partnered with NowVertical for comprehensive data analysis and migration services, enhancing offshore drilling through improved data management and process efficiencies. Emicool, a key player in the UAE’s district cooling industry, partnered with NowVertical to improve data governance and quality, reinforcing its industry-leading position in sustainable and technologically advanced cooling solutions.

Transforming Healthcare Insights

In the Government Vertical, NowVertical facilitates transformative solutions for healthcare consultancy. Working with a government department in Abu Dhabi, Clarity partnered with NowVertical for comprehensive data development and visualization within the healthcare sector, transforming data handling and providing vital insights for quicker and more effective decision-making processes.

NowVertical’s commitment to providing Vertical Intelligence solutions across diverse industries solidifies its Data and AI preparation services leader position. Expanding into key UAE geographies through its NowVertical business unit reflects its dedication to global growth and client success.

About NowVertical Group Inc.:

NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers vertically-specific data, technology, and artificial intelligence (AI) applications into private and public verticals globally. NOW’s proprietary solutions sit at the foundation of the modern enterprise by transforming AI investments into VI, enabling its customers to minimize their risk, accelerate the time to value, and reduce costs. NOW is rapidly growing organically and through targeted acquisitions. For more information about NOW, visit www.nowvertical.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact: 

Sasha Grujicic, CEO
IR@nowvertical.com

Glen Nelson, Investor Relations and Communications: glen.nelson@nowvertical.com
t: (403) 763-9797

• Q3 2023 Revenue was $16.5 million, an increase of 97% over Q3 2022
• Q3 2023 Gross Profit was $7.2 million, an increase of 121% over Q3 2022
• Q3 2023 Income from Operations was $0.88 million, an increase of 148% over Q3 2022
• Q3 2023 Adjusted EBITDA was $2.39 million¹, a ten-fold over Q3 2022

TORONTO, Ontario – November 29, 2023/Globe Newswire/ – NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company the vertical intelligence (“VI”) software and solutions company, today announces its financial results for the three and nine months ended September 30, 2023.

“Our Q3 performance is a testament to the hard work and dedication from our global team in delivering market-leading data & AI solutions to our customers. In the quarter, we achieved very strong revenues of $16.5 million (+97% vs Q3 2022), record Gross Profits of $7.2 million (+121% vs Q3 2022), Income from Operations of $0.88 million (+148% vs Q3 2022) and strong Adjusted EBITDA of $2.39 million (+1,058% vs Q3 2022)”, said Sasha Grujicic, CEO of NOW. “In addition, we added 30 new customers to our global roster across Consumer Goods (10), Commercial Services (11), Industrials (5) and Government (4). The future for NOW is very bright. We’re just scratching the surface on what we can do for our customers, and as we operate with discipline and focus, we will translate that work into value for our shareholders.”

Selected Financial Highlights:

• Revenue – Revenue was a record $16.5 million in Q3 2023, an increase of 97% from $8.38 million in the prior year’s third quarter.
• Gross Profit – Gross Profit was $7.2 million (44%) for the three months ended September 30, 2023, an increase of 121% from $3.2 million in the prior year’s third quarter.­­­­
• Income (loss) from Operations – Income from Operations was $0.88 million in Q3 2023, an increase of 148%, compared to a loss of ($1.82) million for the three months ended September 30, 2022.
• Adjusted EBITDA¹ – Adjusted EBITDA was $2.39 million for the three months ended September 30, 2023, an increase of 1,058% compared to $(0.25) million in the prior year’s third quarter.
• Cost Reductions – During the third quarter of 2023, NOW implemented cost-saving initiatives that saved $2.7 million in the third quarter, or approximately $6 million.
• Cash and Investments – Cash and Investments were $4.8 million on September 30, 2023.

¹ See reconciliation of NON-IFRS MEASURES at the end of this news release.

Q3 2023 Business Highlights: 

During the third quarter of 2023, NOW achieved several significant milestones that underscore its strategic focus, technological prowess, and market expansion efforts.

Strengthened Financial Strategies: NOW strategically enhanced its financial position by fostering flexibility through discussions with lending partners, streamlining operations to cut approximately $2.7 million in costs, and leveraging available cash resources on its balance sheet.

Market Expansion and Contract Wins: The Company expanded its footprint by securing contracts with 30 new companies.

Strategic Revenue Partnerships for NOW, SnowGraph: NOW formed key partnerships with industry leaders such as LiveRamp, FullContact, Hakkoda, and Snowflake to accelerate the growth of NOW SnowGraph, a Snowflake Native App. These partnerships expanded sales and marketing channels globally, enhancing SnowGraph’s capabilities in graph analytics for various industry verticals.

SMART Pak Analytics as a Service Expansion: NOW successfully launched SMART Pak analytics as a service in the United States, following its proven success in the UK market. This offering addresses barriers to AI value realization by providing comprehensive analytics services, including data engineering, AI, machine learning, and customer analytics.

Strategic Partnership with PwC UK: NOW announced a strategic partnership with PwC UK to offer NOW Privacy, its flagship data discovery and governance product, to PwC’s customers. This collaboration leverages PwC’s consulting expertise with NOW Privacy’s cutting-edge software, providing clients with enhanced data management, compliance, and security solutions. This partnership is a significant step in NOW’s global mission to provide Vertical Intelligence solutions.

Subsequent Business Highlights:

Amending Agreement with EDC: NOW was pleased to disclose as of November 29, 2023 an amending agreement with Export Development Canada (EDC). In this agreement, NowVertical and EDC agreed to defer over $954,000 USD of principal, converting the deferred amount into a balloon payment at the end of 2028. This strategic arrangement provided the Company with enhanced financial flexibility and aligns with the Company’s long-term financial planning.

Change of Auditor: Following the recommendation of the Audit Committee of the Board of Directors, NowVertical’s Board of Directors appointed Ernst & Young LLP as the Company’s auditor. This decision was made per best governance practices and aimed to ensure the integrity and transparency of the Company’s financial reporting. A detailed notice of the change of auditor, as required by regulatory obligations, was filed and is available for review on the System for Electronic Document Analysis and Retrieval (SEDAR+). Notably, the notice affirmed no “reportable events,” as defined in National Instrument 51-102 – Continuous Disclosure Obligations, were associated with this change.

Investor Webinar:

NOW invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our upcoming webinar, where management will discuss Q3 2023 results, followed by a question-and-answer session.

Investor Webinar Registration:

Time: November 30, 2023, 09:30 AM in Eastern Time (US and Canada)

Register here: https://bit.ly/NOW-Q3-2023-Registration

A recording of the webinar and supporting materials will be made available in the investor’s section of the
company’s website at https://nowvertical.com/news-and-media

Related links:
https://www.nowvertical.com

Additional Information:

The Company’s unaudited third quarter 2023 condensed consolidated interim financial statements, notes to financial statements, and management’s discussion and analysis for the three and nine months ended September 30, 2023, are available on the Company’s SEDAR profile at www.sedar.com. Unless otherwise indicated, all references to “$” in this press release refer to US dollars, and all references to “CAD$” in this press release refer to Canadian dollars. An investor presentation, including supplemental financial information and reconciliations of certain non-IFRS measures, is available on NOW’s Investor Relations website at: https://nowvertical.com/news-and-media

About NowVertical Group Inc.:

NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers vertically-specific data, technology, and artificial intelligence (AI) applications into private and public verticals globally. NOW’s proprietary solutions sit at the foundation of the modern enterprise by transforming AI investments into VI, enabling its customers to minimize their risk, accelerate the time to value, and reduce costs. NOW is rapidly growing organically and through targeted acquisitions. For more information about NOW, visit www.nowvertical.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Sasha Grujicic, CEO
IR@nowvertical.com

Glen Nelson, Investor Relations and Communications: glen.nelson@nowvertical.com
t: (403) 763-9797

NON-IFRS MEASURES:

The non-IFRS financial measures referred to in this news release are defined below.  The management discussion and analysis for the quarter ended September 30, 2023 (the “Q3 2023 MD&A”), available at nowvertical.com and SEDAR, also contains supporting calculations for Adjusted Revenues, EBITDA, Adjusted EBITDA and Pro Forma TTM Adjusted Revenues.  

“Adjusted Revenue” adjusts revenue to eliminate the effects of acquisition accounting on the Company’s revenues.

“Adjusted EBITDA” adjusts EBITDA for revenue adjustments in “Adjusted Revenue” and items such as acquisition accounting adjustments, transaction expenses related to acquisitions, transactional gains or losses on assets, asset impairment charges, non-recurring expense items, non-cash stock compensation costs, and the full-year impact of cost synergies related to the reduction of employees in relation to acquisitions.

Reconciliation of Adjusted Revenue and Adjusted EBITDA

Forward-Looking Statements:

This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company’s business.

The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Cautionary Note Regarding Non-IFRS Measures:

This news release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. The Company’s definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non-IFRS financial measures including “Adjusted Revenue”, “EBITDA”, “Adjusted EBITDA”, “Pro Forma TTM Adjusted Revenue”, and “Current Pro Forma TTM Adjusted Revenue”. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and to eliminate items that have less bearing on our operational performance or operating conditions and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period and prepare annual budgets and forecasts.

TORONTO, Ontario, August 30, 2023 NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF), a vertical intelligence (VI) software and solutions company, is pleased to announce a strategic partnership with PwC UK to offer NOW Privacy, NowVertical’s flagship data discovery and governance product to PwC’s customers in the UK market. The initial collaboration will leverage PwC’s expertise as a leading consulting services provider with NOW Privacy’s cutting-edge software solution.

The strategic alliance builds on PwC’s ability to bring human-led and tech-enabled solutions to clients, delivering on its global strategy. The arrangement will provide customers with several key benefits, including:

• Effortless Integration: Seamlessly integrate diverse data sources into a single, easily accessible hub with a comprehensive 100% index
• Enhanced Efficiency and Insight: Unlock a new era of operational efficiency and insightful decision-making through advanced search capabilities, enabling effortless identification and retrieval of information at any moment
• Unleashed Data Potential: Empower businesses to fully harness the latent potential of their data estate with automated workflows, driving innovation and strategic growth
• Future-Ready Foundation: Gain API access to the comprehensive index, ensuring a forward-looking framework that sets the stage for data-driven success

“NOW Privacy represents a transformative tool that will empower our clients to navigate the complexities of data management with unparalleled precision and efficiency. This cutting-edge solution will help customers enhance their ability to safeguard sensitive information, uncover hidden insights, and drive informed decision-making. By leveraging NOW Privacy’s capabilities, we are poised to provide our clients with a distinct advantage in managing their data, compliance, and security needs.” – Matt Joel, Forensic Technology Partner at PwC

“This partnership between NowVertical Group and PwC UK represents another significant step in our mission to provide Vertical Intelligence solutions globally,” said Sasha Grujicic, CEO of NOW. “The integration of NOW Privacy into PWC UK’s service offerings will empower businesses with the tools they need to navigate the complex data landscape, drive innovation, enable AI preparedness, and achieve sustainable growth.”

About NOW Privacy

NOW Privacy, (formerly Exonar Limited) NowVertical Group Inc.’s cutting-edge solution, addresses a spectrum of critical data management challenges. It efficiently unlocks insights from legacy data, simplifies data migration processes, aids compliance and security investigations, and unearths hidden corporate knowledge from ‘dark data.’. By seamlessly handling these use cases with automated workflows, NOW Privacy empowers organizations and people to optimize data-driven decision-making, enhance operational efficiency, and ensure regulatory adherence, positioning them at the forefront of data intelligence and innovation.

About PwC UK:

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with over 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at PwC.

About NowVertical Group Inc.

NowVertical Group is a Vertical Intelligence (VI) software and services provider that delivers vertically-specific data, technology, and artificial intelligence (AI) applications into private and public verticals globally. NOW’s proprietary solutions sit at the foundation of the modern enterprise by transforming AI investments into VI, enabling its customers to minimize their risk, accelerate the time to value, and reduce costs. NOW is rapidly growing organically and through targeted acquisitions. For more information about NOW, visit www.nowvertical.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Glen Nelson, Investor Relations

e: glen@nowvertical.com

t: (403) 763-9797

• Q2 2023 Revenue was $15.5 million, an increase of 102% over Q2 2022
• Q2 2023 Gross Profit was $6.3 million, an increase of 98% over Q2 2022
• Q2 2023 Gain from Operations was $0.05 million, an increase of 102% over Q2 2022
• Q2 2023 Adjusted EBITDA was $1.28 million¹, an increase of 305% over Q2 2023

TORONTO, Ontario – August 29, 2023/Globe Newswire/ – NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company the vertical intelligence (VI) software and solutions company, today announces its financial results for the three and six months ended June 30, 2023.

“The team at NOW has achieved a remarkable set of milestones in our effort to being a global leader in AI Solutions for industry and government. Our second quarter showcased a 102% revenue growth (YoY) to $15.5 million, with strong Gross Profits ($6.3 million, +98% YoY) and our first ever Gain from Operations net of our corporate costs ($0.05 million, +102% YoY)”, said Sasha Grujicic, CEO of NOW.  “We welcomed 53 new customers during the quarter and are poised for additional growth. Integrated revenue growth, fortified partnerships with some of the world’s largest tech companies, and cost efficiency will continue to define our strategy during the second half of 2023.”

Selected Financial Highlights:  

• Revenue – Revenue was a record $15.5 million in Q2 2023, an increase of 102% from $7.6 million in the prior year’s second quarter.
• Gross Profit – Gross Profit was $6.3 million (42%) for the three months ended June 30, 2023, an increase of 98% from $3.2 million in the prior year’s second quarter.
• Gain (loss) from Operations – Gain from Operations was $0.05 million in Q2 2023, an increase of 108%, compared to a loss of ($1.91) million for the three months ended June 2022.
• Adjusted EBITDA¹ – Adjusted EBITDA was $1.28 million for the three months ended June 30, 2023, an increase of 305% compared to $(0.62) million in the prior year’s second quarter.
• Cost Reductions – During the second quarter of 2023, NOW implemented cost-saving initiatives that resulted in savings of $0.3 million in the second quarter or $1 million
• Cash and Investments – Cash and Investments were $3.4 million on June 30, 2023.                                    

¹ See reconciliation of NON-IFRS MEASURES at the end of this news release.

Q2 2023 and Subsequent Business Highlights: 

During the second quarter of 2023, NOW achieved several significant milestones that underscore its strategic focus, technological prowess, and market expansion efforts.

Strategic Partnership and Asset Sale: The Company solidified its strategic position by partnering with Audiense Limited (“Audiense”), a leading audience intelligence platform provider. This alliance will infuse approximately $3 million of free cash flow over two years and facilitated a 2-way reseller arrangement, providing NOW access to Audiense’s extensive customer base while retaining the core, NOW SnowGraph IP.  

Innovative Product Offerings: The introduction of NOW SnowGraph, a Snowflake Native App, showcased NOW’s innovation in data analytics. The app heightened the company’s value proposition by empowering joint customers to leverage graph analytics and affinity-based scoring within the Snowflake Data Cloud. The partnership with Microsoft to integrate Azure OpenAI’s capabilities via NOW’s SMART HUB underscored NOW’s role in enabling secure enterprise AI deployments.

Market Expansion and Contract Wins: The Company expanded its footprint by securing contracts with 53 new companies, including five esteemed clients in the United Arab Emirates. This expansion underscored NOW’s global capability to drive vertical-specific data, technology, and AI applications, positioning the Company as an industry pioneer.

Cash Management Strategies: NOW strategically enhanced its financial position by fostering flexibility through discussions with lending partners, streamlining operations to cut approximately $2 million in annual costs, and leveraged available cash resources on its balance sheet. Cash improvements through cost cutting measures and enhanced cashflows from operations will continue through Q3 and Q4 2023.

Investor Webinar:

NOW invites shareholders, analysts, investors, media representatives, and other stakeholders to attend our upcoming webinar, where management will discuss Q2 2023 results, followed by a question-and-answer session.

Investor Webinar Registration:

Time: August 30, 2023, 09:30 AM in Eastern Time (US and Canada)

Register here: https://bit.ly/NOW-Q2-2023-Registration

A recording of the webinar and supporting materials will be made available in the investor’s section of the company’s website at https://nowvertical.com/news-and-media

Related links:
https://www.nowvertical.com

Additional Information:

The Company’s unaudited second quarter 2023 condensed consolidated interim financial statements, notes to financial statements, and management’s discussion and analysis for the three and six months ended June 30, 2023, are available on the Company’s SEDAR profile at www.sedar.com. Unless otherwise indicated, all references to “$” in this press release refer to US dollars, and all references to “CAD$” in this press release refer to Canadian dollars.

An investor presentation, including supplemental financial information and reconciliations of certain non-IFRS measures, is available on NOW’s Investor Relations website at: https://nowvertical.com/news-and-media

About NowVertical Group Inc.:

NOW is a big data, analytics and VI software and services company that is growing organically and through acquisition. NOW’s VI solutions are organized by industry vertical and are built upon a foundational set of data technologies that fuse, secure, and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the Company, visit www.nowvertical.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

For further information, please contact: 

Sasha Grujicic, CEO and Director
IR@nowvertical.com

Glen Nelson, Investor Relations and Communications:

glen.nelson@nowvertical.com
t: (403) 763-9797

NON-IFRS MEASURES:

The non-IFRS financial measures referred to in this news release are defined below.  The management discussion and analysis for the quarter ended June 30, 2023 (the “Q2 2023 MD&A”), available at nowvertical.com and SEDAR, also contains supporting calculations for Adjusted Revenues, EBITDA, Adjusted EBITDA and Pro Forma TTM Adjusted Revenues.  

“Adjusted Revenue” adjusts revenue to eliminate the effects of acquisition accounting on the Company’s revenues.

“Adjusted EBITDA” adjusts EBITDA for revenue adjustments in “Adjusted Revenue” and items such as acquisition accounting adjustments, transaction expenses related to acquisitions, transactional gains or losses on assets, asset impairment charges, non-recurring expense items, non-cash stock compensation costs, and the full-year impact of cost synergies related to the reduction of employees in relation to acquisitions.

Reconciliation of Adjusted Revenue and Adjusted EBITDA

Forward-Looking Statements:

This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company’s business.

The forward-looking statements in this news release are based on certain assumptions. The forward looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Cautionary Note Regarding Non-IFRS Measures:

This news release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. The Company’s definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non-IFRS financial measures including “Adjusted Revenue”, “EBITDA”, “Adjusted EBITDA”, “Pro Forma TTM Adjusted Revenue”, and “Current Pro Forma TTM Adjusted Revenue”. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and to eliminate items that have less bearing on our operational performance or operating conditions and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period and prepare annual budgets and forecasts.