Xigem Technologies (CSE:XIGM) CEO Brian Kalish sat down with Proactive to discuss the company's impressive Q1 financial results, reporting a 58% increase in gross sales and net sales compared to the first fiscal quarter of 2023.
The company also reduced its net comprehensive loss by 65.5% for the same period.
Kalish attributed the strong performance to EchoDigital, a SaaS platform utilized by a used car dealer in the Greater Toronto Area, which employs proprietary AI to generate and convert leads seamlessly.
Xigem plans to expand EchoDigital to other used car dealers in the near future.
Proactive: It's evident in your Q1 results there's been a lot of hard work to reach this point. Can you share your thoughts on this achievement?
Brian Kalish: It has indeed been a significant journey. I believe we've truly turned a corner and showcased substantial growth. Our Q1 numbers reflect a remarkable year-over-year increase of nearly 60%. This achievement speaks volumes about the strength of our partnerships and our strategic focus on leveraging assets, particularly EchoDigital, which has proven its prowess in driving sales.
EchoDigital seems to be a significant driver behind these numbers. Could you provide a brief overview of EchoDigital’s success and its role in your recent performance?
EchoDigital is an AI-powered system designed to seamlessly connect customer service representatives with consumers, facilitating efficient sales transactions online. Initially focusing on the used car sales market, valued at trillions of dollars, EchoDigital has demonstrated remarkable success. With its performance in the last quarter, we're increasingly optimistic about our trajectory.
Our aim now is to further support our clients, empowering them to enhance their sales efforts. Through our exclusive partnership with them, where they utilize EchoDigital as their primary sales platform, our growth aligns with theirs. It's a mutually beneficial arrangement where their success drives ours.
It's evident that EchoDigital’s success is tied to the used car sales market. Are there plans to expand its reach beyond the Greater Toronto Area?
Indeed, there has been considerable interest from other dealers. While we're currently working with Carnance, our valued customers, there's undoubtedly work ahead to broaden the commercial appeal of our product. In the coming months, we'll continue to support Carnance in driving sales while also investing in research and development to expand the capabilities of EchoDigital.
Our goal is to make it applicable not only to the vast used car market but also to any online interactions between customer service or sales representatives and consumers, facilitating seamless transactions across various sectors.
Quotes have been edited for style and clarity