Kontrol Technologies (NEO: KNR) has seen a slight revenue decline on a quarter over quarter basis. The firm this morning filed its first quarter 2022 financial results, posting revenues of $26.6 million for the period ended March 31, 2022.
Revenues of $26.6 million for the quarter were down 7.2% from the $28.7 million in revenue posted for the period ended December 31. Gross profits however improved, climbing 14.9% from $5.9 million to that of $6.7 million on a sequential basis.
“We are working diligently to scale the Kontrol platform while maintaining discipline in the management of our capital structure and remain deeply focused on growing profitability. As we look forward, we are well positioned for continued growth by bringing innovative solutions that enable our customer base to achieve greater sustainability across their businesses,” said CEO Paul Ghezzi.
Expenses for the quarter meanwhile amounted to $4.7 million, led by employee salaries and benefits of $3.3 million. Kontrol as a result posted an income from operations of $2.0 million.
Net income overall for the quarter amounted to $1.6 million, or $0.03 per share, compared to a loss of $0.4 million in the fourth quarter, or negative $0.01 per share. Adjusted EBITDA meanwhile amounted to $2.5 million for the quarter.
Looking to the balance sheet, the company saw its cash position decline from $3.3 million to $2.0 million during the quarter, while receivables jumped from $23.0 million to $28.4 million. Total current assets currently sits at $40.6 million, while current liabilities sits at $33.5 million, including $21.1 million in accounts payable and a $1.5 million operating line.
Kontrol Technologies last traded at $1.32 on the Neo.
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