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.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Lite Access Technologies Releases Current Canadian Contract Backlog

Following last months devastating loss of a major customer, Lite Access Technologies (TSXV: LTE) this...

Wednesday, January 20, 2021, 08:59:30 AM

Lite Access Tech Loses Major Customer With Contracts Worth $53 Million

Lite Access Technologies (TSXV: LTE) this afternoon announced that it has lost a major customer...

Friday, December 4, 2020, 02:59:09 PM