Xigem Technologies (CSE:XIGM) reported a jump in revenue and a narrower loss for the first quarter of 2024 driven by sales of its Software-as-a-Service (SaaS) automotive shopping platform EchoDigital.
The company said that based on unaudited interim financial information for the quarter ended March 31, 2024, it saw a 58% increase over the year-ago quarter in both gross sales and net sales in Q1.
Gross sales were just shy of $695,000 and net sales were about $21,000, compared to about $440,000 and $13,000 in the first quarter of 2023.
The company attributed its first quarter sales performance to EchoDigital, which is being deployed by a used car dealer in the Toronto area.
EchoDigital is a SaaS product that leverages proprietary AI to seamlessly generate and convert leads from traditional sources.
Additionally, the company said it reduced its net comprehensive loss for Q1 by 65.5% over the year-ago quarter.