Lite Access Technologies Posts $7.2 Million In Revenue In Fiscal 2021
Lite Access Technologies (TSXV: LTE) shared on Friday its financial results for Q4 and full-year fiscal 2021 ended September 30, 2021. The report highlighted an annual revenue of $7.2 million, up from fiscal 2020’s $2.4 million.
The gross margin for the year came in at 8.1%, also an increase from negative 18.6%. However, operating expenses of $3.4 million still came higher than the gross profit, leading the firm to notch a $2.9 million net loss from continuing operations.
But with its United Kingdom division appointing new administrators in January 2021, the firm is considering this as discontinued operations. It recognized $5.0 million in net income from the endeavor, mostly coming from debt extinguishment and contract reversals.
This led the firm to end with an overall net income of $2.1 million for the year, up from a net loss of $`17.3 million from 2020. EBITDA ended at a loss of $1.5 million compared to its 2020 counterpart of $2.4 million loss.
“Significant progress took place during the fiscal year with the Company’s focus strictly on Canada,” said Chairman and Interim CEO Greg Smith.
For Q4, the company recorded $1.5 million in quarterly revenue, down from $1.6 million in Q3 2021 but up from $0.8 million in Q4 2020.
The company ended the fiscal year with $0.6 million in cash and cash equivalents, putting the balance of current assets at $3.9 million. Current liabilities came in at $3.4 million.
Lite Access Technologies last traded at $0.125 on the TSX Venture.
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