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Engagement Labs Swings to Q3 Profit, Provides Corporate Update

MT Newswires ·  {{timeTz}}

08:59 AM EST, 11/25/2021 (MT Newswires) -- Engagement Labs Inc. (EL.V), a data and analytics firm that provides social intelligence for Fortune 500 brands and companies, on Thursday booked a third-quarter net profit of $258,044, or $0.001 per share, swinging from a year-ago net loss of $1.1 million, or a loss of $0.005 per share.

Revenue grew 20% year over year to $611,615 and EBITDA soared 141% to $1.3 million.

The company announced Nov. 1 that the completion of its previously announced merger proposal with DGTL Holdings Inc., if approved by shareholders, might not be completed before year-end due to a delay in DGTL's year-end financial filing, which delayed its ability to raise financing for the transaction.

Since that time DGTL has issued its year end audit and its Q1 2022 results and has reaffirmed its desire to close the transaction with Engagement Labs.

Engagement Labs said DGTL has lowered the financing condition for closing the acquisition to $1 milloin and indicated it expects to close the financing in early December.

A shareholders meeting to vote on the proposed merger is expected in early February, and the merger is expected to close in the first quarter of 2022.

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