TORONTO, November 14, 2023--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol Technologies" or "Kontrol" or "Company") announces its Third Quarter, 2023 financial results. A complete set of the Financial Statements and Management's Discussion & Analysis will also be filed on SEDAR (www.sedar.com) on the filing date.
"The third quarter performance demonstrates the Company’s focus on executing its strategic objectives and driving to profitability," says Paul Ghezzi, CEO of Kontrol Technologies. "On a continuing operations basis, revenue, gross profit, earnings, and positive cash flow from operations increased for the nine months ended September 30, 2023 compared to the same period in the prior year (comparative period excludes discontinued operations). Further, we have reduced debt levels in 2023 as the Company continues to de-leverage the business and improve the balance sheet."
Third Quarter and Year to Date 2023 Highlights
Cash flows from operating activities were positive $2.2 Million year to date and net income was positive in the third quarter and year to date.
Revenues from continuing operations for the three months ended September 30, 2023 were $4.5 million, up 32% over the same quarter in the prior year.
Revenues from continuing operations for the nine months ended September 30, 2023 were $13.7 million, up 28% over the same period in the prior year.
Gross margin from continuing operations for the nine months ended September 30, 2023 was 64%, compared to 55% for the same period in the prior year.
Adjusted EBITDA* from continuing operations for the nine months ended September 30, 2023 was $2.8 million, compared to $1.5 million for the same period in the prior year.
Net income from continuing operations for the three months and nine months ended September 30, 2023 was $665,558 and $294,501 respectively.
* Adjusted EBITDA is a non-IFRS financial measure. The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, acquisition related expenses, and listing expense.
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings. Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
