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Martello’s Losses Rise Slightly as Revenues Surge

Originally published August 26th, 2021 on Ottawa Business Journal

Martello Technologies said Thursday its quarter revenues surged 30 per cent year-over-year as sales from its Microsoft customers surpassed its traditional Mitel channel for the first time.

The Kanata-based network troubleshooting software firm reported revenues of $4.4 million for the three-month period ending June 30, the first quarter of its 2022 fiscal year. That’s up from $3.3 million a year earlier, largely due to gains in Martello’s Microsoft sales channel after its 2020 acquisition of GSX Participations, which caters to Microsoft 365 users.

Still, Martello (TSX-V:MTLO) posted a loss of $2.17 million, up slightly from $2.08 million the previous year. The firm attributed the growing losses to an increase in operating expenses and higher interest expenses on a term loan.

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