Fortress Technologies Posts Q3 2021 Net Income of $3.5 Million

Fortress Technologies (TSXV: FORT) reported its third quarter financial results this morning, posting revenues of $2.8 million for the three month period. The company also posted a positive net income of $3.5 million for the three month period.

Revenues for the quarter were up significantly on a quarter over quarter basis, climbing 122% from $1.3 million to $2.8 million. After operating costs and depreciation, the company posted a gross profit of $1.0 million for the quarter.

Results were further boosted by a revaluation gain on digital currencies, to the tune of $1.4 million, while the firm also recorded a gain of $2.7 million from the sale of digital currencies.

Impressively, the company also managed to keep operating expenses relatively low, with just $1.3 million in expenses for the quarter. Expenses were lead by $0.5 million in share based compensation and $0.3 million in office and administration expenses.

The company posted an overall net income of $3.5 million, along with earnings per share of $0.04.

The company closed out the quarter with $5.7 million in cash, and $6.8 million in digital currencies.

Fortress Technologies last traded at $0.73 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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