EQ Inc. enables businesses to understand, predict, and influence customer behaviour. Using unique and third-party data sets, advanced analytics, artificial intelligence and machine learning, EQ creates actionable intelligence for businesses to attract, retain, and grow customers. The Company’s proprietary SaaS platform mines insights from location and geospatial data, enabling businesses to close the loop between digital and real-world consumer actions. EQ is one of the largest providers of location-based data in Canada with over 1 petabyte of data. Quarterly Highlights: (1) Quarterly Revenue Up 36% Q/Q and 16% Y/Y - EQ recorded its highest quarterly revenue since 2010, with $4.2 million booked in Q4/2021, up 36% Q/Q and 16% Y/Y, but below our estimate of $5.0 million due to the negative effects caused by the COVID-19 pandemic, which impacted the retail operations of various businesses. (2) Data Business Continues to Grow (i) Overall revenue increased 16% Y/Y to $12.1 million in 2021, compared to $10.4 million in the prior year. (ii) The revenue increase was powered by the continued traction in the data business, which improved 11% Q/Q and 18% Y/Y in Q4/2021. For 2021, data business revenue jumped 29% Y/Y. (3) Sales & Partnership Announcements Support Sales Growth (i) In February, EQ announced $6.0 million of new client engagements for data-driven marketing projects that surpassed the data-driven marketing projects in 2020 by 50%. (ii) In addition to the recent client wins, EQ also launched LOCUS Commute to help insurance providers, retailers, and digital out-of-home networks (e.g., digital billboards) to better understand the movement behaviour of customers. (3) Financial Analysis & Valuation: (i) Due to a slower recovery from the impact of COVID-19, we are reducing our 2022 revenue estimate to $16.5 million from $22.2 million, decreasing our 2023 revenue estimate to $21.5 million from $33.3 million, and also decreasing our 2024 revenue estimate to $30.0 million from $41.6 million. (ii) We estimate an equal-weighted price target of $2.00 based on a DCF valuation ($2.44/share) and Revenue Multiple valuation ($1.62/share). (iii) We are maintaining our Buy rating and reducing our one-year price target to $2.00 from $2.65.