Shares of GLANCE TECHNOLOGIE (OTCMKTS:GLNNF) gained 5.18% after the company reported better than expected financial results for the third quarter. The payment system provider reported a 55,784% increase in Q3 revenue compared to the same quarter last year.
Investors have already taken note of the company’s robust revenue growth as seen by the stock performance in recent months. The stock is up by more than 50% for the year as it continues to trade in an uptrend. Glance Technologies is currently closing in on its 52-week high of $0.78 share.
Renewed investor interest does not come as surprise given that the company reported revenues of $240,130 up from $126,527 reported in the second quarter. Management fees in the quarter dropped 26% to $8,347 as software development costs increased 29% to $125,443.
GLANCE TECHNOLOGIE (OTCMKTS:GLNNF) expects its revenue growth momentum to continue in the fourth quarter given the number of deals it has signed. The company is also planning to launch its mobile application in more Canadian restaurants before the end of the year which should lead to a further increase in revenues. Licensing agreements signed with the likes of CannaPay, Financial Inc. and Activepay Distribution should lead to a further increase in revenues.
“We have been successful in developing and licensing our technology, resulting in $3 million worth of development, licensing and marketing agreements. We believe we are well positioned to take advantage of the continued acceleration in the adoption of mobile payments worldwide, as well as the increased interest in cryptocurrency and blockchain based technologies,” said CEO, Desmond Griffin.
In pursuit of growth around blockchain technologies, GLANCE TECHNOLOGIE (OTCMKTS:GLNNF) is currently researching the creation of a rewards-based cryptocurrency, for use in its mobile payment platform. The company is in discussions with other companies with a view to accepting new cryptocurrencies as an acceptance with the Glance Pay mobile platform.
GLANCE TECHNOLOGIE (OTCMKTS:GLNNF) has expanded its engineering team to enhance blockchain development as it seeks to come up with its own technologies around digital currencies. The company boasts of several blockchain consultants in its board whose experience it is planning to leverage as it pursues growth around blockchain.
Early this month the company announced an alliance with Netcoins as part of an effort that seeks to give people better access to buying and spending bitcoin.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $GLNNF and receive breaking news on other hot stocks by signing up for our free newsletter!