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.

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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