In 2010, Calgary's Poynt had less than five million users and just $1 million in revenue. Last year, Poynt more than doubled its userbase to nearly 13 million, and boosted its revenue 139% to $2.4 million. And this year, the Canadian company says that and it could more than triple its userbase to 40 million.
"In 2011, we achieved record revenues, more than double over 2010, which was driven by increased user adoption and our monetization efforts," said Andrew Osis, CEO, Poynt Corp. "In fact, we added more than 7.5 million users in 2011, and through our partnership with timesCity (Times Internet Limited of India), we expanded into India, one of the largest mobile markets in the world.
"Entering 2012, we continued to experience tremendous user adoption across multiple platforms and geographies, especially in India, where timesPoynt has seen a 766% increase in unique users since the beginning of the year. This adoption rate clearly reflects our focus on expanding Poynt's feature set with user relevant content, as well as adding engaging capabilities that promote daily use.
"Our global user growth has in part been driven by greater awareness of the Poynt brand resulting from our targeted marketing efforts and on-device offerings. Through both geographic expansion and new preload agreements, our position in the mobile application space is strengthening.
"We expect to exceed 40 million users by the end of 2012, including 20 million new users from our China Joint Venture. We expect this scale to broaden our revenue streams and allow us to target a cash flow positive state by year's end, which could be further strengthened by the initial monetization of our expanding IP portfolio. Additionally, the Company expects to issue an update with respect to activities relating to the China Joint Venture in the near future."