Cematrix Corp (TSXV: CVX) last night reported its financial results for the third quarter. The firm continues to see struggles related to COVID-19 and its related supply chain, but managed to post quarterly revenues of $7.1 million, although it also posted a loss for the quarter.
Revenue for the quarter was up on a sequential basis, climbing from $4.0 million in the second quarter to $7.1 million in the current quarter. Revenues however were down from the year ago period, which saw revenues of $10.9 million.
The company commented that it expects this trend to continue for the remainder of the year, although revenues should remain “steady.” The firm expects to convert its outstanding backlog into revenue in 2022 as supply chain issues repair themselves.
Margins for the quarter came in at $1.6 million, an improvement over Q2’s $0.2 million. This however was not enough to offset operating expenses of $1.6 million, resulting in a small operating loss of $51,000. After the impact of financing costs and other expenses, the firm posted an overall loss of $0.1 million. Adjusted EBITDA meanwhile came in at $0.7 million.
The company currently has $20.2 million in cash on the balance sheet.
Cematrix Corp last traded at $0.38 on the TSX Venture.
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