Direct Communication Solutions, a California-based company trading on the CSE (DCSI), OTCQX (DCSX), and FSE (7QU) exchanges, has reported significant revenue growth for the second quarter of 2022, solidifying its position as a key player in the IoT market.
In the first half of 2022, Direct Communication achieved six-month revenue of US$13.6 million (C$17.7 million), representing a 70% increase from the same period in 2021. CEO Chris Bursey expressed optimism about the company’s financial performance and future growth prospects.
During Q2 2022, the company’s gross profit surged by 110% year-on-year, totaling US$2.1 million compared to US$1 million in Q2 2021. For the six months ending June 2022, gross profit reached US$4.5 million, a 105% increase from the previous year.
Furthermore, Direct Communication recorded a net income of US$0.7 million for the first half of 2022, marking a significant turnaround from the net loss of US$1 million in 2021.
In response to its positive financial results, Direct Communication strengthened its board to meet NASDAQ listing requirements. David Diamond and Julie Hajduk were appointed as new board members, bringing a wealth of experience and expertise to the company.
Mr. Diamond, currently managing director of CBIZ and lead independent director of RenovoRX, offers strategic guidance and operational oversight. Ms. Hajduk, with over 20 years of experience in the junior mining sector, contributes her expertise as the president and CEO of Li-FT Power.
The company also announced the successful closing of a private placement, issuing US$1.5 million in unsecured convertible debentures. This funding will support Direct Communication’s efforts to uplist to a senior US exchange, further enhancing its growth trajectory.
