Kontrol Technologies Hits $4.2 Million In Revenue, First Positive Net Income In Q2 2021
Kontrol Technologies Corp. (NEO: KNR) released on Monday its financial statements for the quarter ending on June 30, 2020. The results highlighted a quarterly revenue of $4.2 million, up from Q1 2021’s $3.3 million and Q2 2020’s $2.3 million.
The quarterly gross margin followed the trend as it jumps to 59.8% from 54.5% last quarter and 44.6% for the same comparable period last year.
The firm recorded its first positive net income in the company’s history, ending the quarter with $0.2 million in net earnings. Last quarter and last year’s figures both recorded net losses of $0.8 million and $0.4 million.
Recalibrating for financial expenses, the company’s adjusted EBITDA came in at $1.1 million compared to last quarter’s $1.1 million and last year’s $0.4 million.
The company ended the quarter with a cash position of $6.5 million coming from the $2.5 million balance at the start of the year. The cash inflow is primarily due to the $7.7 million net proceeds from a private placement financing conducted in June 2021. Total current assets came in at $11.7 million while current liabilities ended at $2.7 million.
The tech company expects its 2021 full-year revenue to be within the $38 million range and adjusted EBITDA to be approximately $3.7 million. For the first six months of the year, revenues are at $7.5 million while adjusted EBITDA is at $2.2 million.
Kontrol Technologies Corp. last traded at $1.19 on the NEO.
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