TORONTO, Jun 23, 2022 (Canada NewsWire via COMTEX) -- Marks End of Transformational Year and Signals Bright Future
PUDO Inc. ("PUDO" or the "Company") /zigman2/quotes/204356425/delayed CA:PDO +2.11% (otcqb:PDPTF) today filed audited financial results and operational highlights for the Fiscal 2022 year ended February 28, 2022 ("FY 2022"). Amongst the several exciting breakthroughs, it announced an all-time revenue high, up 29.4% year over year.
"PUDO processed an unprecedented number of e-commerce returns in fiscal 2022," says Frank Coccia, PUDO's Founder and CEO. "We also solidified our direct business model. This helped create a strong finish to fiscal 2022 and the promise of an even more exciting fiscal 2023. Our results are impressive and we're just getting started!" concludes Coccia.
Starting in Q3 FY 2022 and continuing through Q4 FY 2022, PUDO accelerated its transformation into a Direct Returns Provider for e-commerce retailers. Processing Returns became a primary source of parcel volume, revenue, and new-found profit. A total of 35.8% of parcels processed by PUDO in Q4 FY 2022 were returns, up 16.3% compared to Q3 FY 2022.
Q3, Fiscal Q4, Fiscal 2022 2022 % Change Total Revenue from $549,063 $650,021 18.4 % Operations
Prior to Q4 FY 2022, PUDO was primarily a third-party vendor for courier and SaaS companies (software-as-a-service) for e-commerce retailers. PUDO delivered savings by acting as a consolidator, combining several shipments from a geographic area into one, and performing freight forwarding functions, which includes coordinating the shipment of parcels from one area to another. The savings and efficiencies PUDO created by providing these services were extended to the e-commerce retailer indirectly via those courier and SaaS companies that had partnered with PUDO.
Today, PUDO integrates its platform with e-commerce companies and passes on powerful savings and efficiencies directly to the retailer, saving them upwards of 30% on their returns program costs.
This combination of increased parcel volume and direct client agreements allows PUDO to increase the profit per parcel and successfully establishes the Company as a direct Returns Provider for medium and large size e-commerce businesses.
These changes also allow the Company to confidently anticipate a 100% increase in the amount of new revenue for fiscal 2023, year over year. Coccia adds, "We are at that positive dynamic growth stage in our development. Therefore, we expect to adjust the revenue forecast during the course of fiscal 2023."
PUDO anticipates the following measurable improvements in the fiscal year ahead:
Item FY 2022 FY 2023 % Change Operating Revenue $2.1m $4.2m 100 % Rev % from Returns 32 % 70 % 118 % Total # of PUDO 1,200 2,000 67 % Counters
Thank you - customers, employees, shareholders, and the PUDO Board of Directors - for making fiscal 2022 a transformational and exciting year.
A complete copy of the audited financial statements and the Management's Discussion and Analysis Report for the year ended February 28, 2022, can be found on the CSE website at www.thecse.com and on SEDAR at www.sedar.com .
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PUDO Inc. is North America's only carrier-neutral parcel pick-up and drop-off counter Network, conceived to resolve the last-mile parcel-traffic-control gridlock that challenges North America's over $800B retail e-commerce sector, and eliminate over $6B in door-dropped parcel theft.
PUDO's team of logistics and parcel traffic management experts have created a plug-and-play, pay-as-you-go platform and Network of parcel pick-up and drop-off storefront counters known as PUDOpoint Counters, strategically located very near to where people live, work and play.
The PUDO model reduces or eliminates crippling last-mile related expenses for online retailers, marketplaces and carrier/delivery partners, with fulfillment and distribution solutions that include parcel storage and consolidation for click-and-collect deliveries, online returns, and the nearly 35% of e-commerce parcels that are undeliverable on first attempt.