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FlitWays Reports 509% Sales Growth for Second Quarter 2017

/EINPresswire.com/ -- CULVER CITY, CA--(Marketwired - Aug 22, 2017) - FlitWays Technology Inc. (OTC PINK: FTWS), a Los Angeles-based ground travel technology company, today announced its financial results for the second quarter of 2017 resulting in a 509% increase in sales and other record breaking metrics.

FlitWays CEO Tobi Mac commented, "We had a spectacular second quarter, growing our revenue by more than five times compared to the second quarter of 2016. In parallel, we have seen growth across the board for our key metrics including total users, mobile app installs, cities served, and supply of drivers. This has allowed us to expand our reach and capacity to support clients, while steadily building our enterprise customer base. Consistent year-over-year growth has been a strong indicator of our performance for this quarter and moving forward."

The following results reflect FlitWays financial performance and key operating metrics for the three months ended June 30, 2017.

Second Quarter 2017 Key Business Metric Highlights

  • Revenue grew in the second quarter of 2017, reflecting 509% growth compared to second quarter 2016
  • Total users grew 36% compared to second quarter 2016
  • Recurring users also saw an increase of 35% compared to second quarter 2016
  • Cities served grew to 220 compared to 110 as of September 2016
  • Drivers - Drivers and providers grew 85% year over year
  • Mobile app installs grew 52% month over month
  • Enterprise & Corporate Accounts grew 60% compared to the second quarter of 2016

Second Quarter 2017 Revenue Summary

  • Recurring User revenue totaled $85,000, representing 509% growth compared to the second quarter of 2016.
  • Enterprise & Corporate Account revenue totaled $153,000, representing 702% growth compared to the second quarter of 2016
  • In the recent weeks, FlitWays have announced several updates regarding the company's future plans, expansions and new partnership agreements including 37 new markets in the United States, integration with SAP-Concur, and release of its new Enterprise Booking Suite for corporate clients. 

About FlitWays:

FlitWays, a Los Angeles-based travel technology company, offers enterprise ground transportation solution for businesses in 170 cities around the world. Currently servicing over 400 airports with a fleet of over 20,000 vehicles. FlitWays provides businesses with enterprise suite and integrated booking tools that helps business to manage their global ground transportation through a secured platform that fits the way businesses travel.

For additional information regarding FlitWays, visit www.FlitWays.com.

Additional information regarding FlitWays Technology, Inc. can also be found in the Company's most recent filings with SEC at www.sec.gov and further Company press releases.

Cautionary Statement Regarding Forward-Looking Information This press release may contain certain "forward-looking statements" relating to the business of FlitWays Technology Inc. All statements, other than statements of historical fact included herein are "forward-looking statements," including, but not limited to; the proposed corporate name change; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

FlitWays IR
855-710-0915 ext. 5
ir@flitways.com