Kontrol Technologies Corp. (NEO: KNR) released its financial results for the first quarter of 2021 last night, with revenues of $3.3 million reported, representing an increase of 20% over Q1 of the year prior.
Gross profit for the quarter reportedly came in at $1.8 million, compared to $1.7 million in the year-ago period. The company reported an unaudited net loss of $823,733 in the quarter, a decline from the $675,169 net loss recorded in the comparable period.
Kontrol posted an adjusted EBITDA figure of $1.1 million in the first quarter of 2021, an increase from $241,343 recorded over the same quarter in the prior year. The company attributed many of the shortcomings to restrictions put in place by the pandemic, as well as seasonal circumstances, including $500,000 in projects that were delayed due to on-site restrictions, which are now forecasted to occur in the second half of the year. Revenues were also impacted by the current global semiconductor shortage, which has lead to scarce components and long lead times.
Kontrol recorded cash flows from operating activities of $592,153 for the first quarter of 2021, representing an increase of $610,964 over Q1 in the year prior. The company generated proceeds of $710,607 from options and warrants exercised during Q1 of 2021, while conversions of convertible debentures to common shares were recorded at a total of $631,000 during the quarter.
Kontrol Technologies Corp. last traded on the NEO at $1.45.
Information for this briefing was found via Sedar and Kontrol Energy Systems. 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.