iPaaS, Cloud/Data Integration & Tag Management

Cloud – Based Kontrol Technologies Announces Q1 Financial Results

cloud data integration

Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) (“Kontrol Technologies” or “Kontrol” or the “Company“) a leader in smart buildings and cities through IoT, Cloud and SaaS technology announces the release of its financial results for the three months ended March 31, 2021.  A complete set of the Financial Statements and Management’s Discussion & Analysis have been filed on SEDAR.

“Kontrol has continued to deliver positive operating cash flow and positive Adjusted EBITDA while investing in its operating platform and managing the market uncertainty caused by logistics and supply chain impacts from the COVID-19 pandemic,” says Paul Ghezzi, CEO of Kontrol Technologies.  “With our balance sheet improvement and recent equity raise we are well positioned to scale our patented smart building technologies. During the first quarter of 2021, the Company made significant progress in the commercialization and commencement of manufacturing of its BioCloud technology,” continues Ghezzi.

Highlights

  • Adjusted EBITDA* of $1.1 million in Q1 2021, up from $241,343 over the same quarter in the prior year

  • Revenues of $3.3 million, up 20% over the same quarter in the prior year

  • Cash flows from operating activities were $592,153 for the three months ended March 31, 2021; an improvement of $610,964 over the same quarter in the prior year

  • The Company has invested approximately $4 million up to the end of Q1 in the development of BioCloud

  • Conversions of convertible debentures to common shares totalled $631,000 during the first quarter of 2021

  • Proceeds from options and warrants exercise were $710,607 during the first quarter of 2021

  • Subsequent to Q1 2021, the Company announced on May 27, 2021, an $8.5 million private placement with institutional investors; closing date expected to occur on or about June 1, 2021

  • Capital management initiatives during the 2020 fiscal year and into 2021 have strengthened the balance sheet

  • Manufactured hundreds of BioCloud units and closely managing the supply chain with manufacturing partners

Project Seasonality and the Impact of Covid-19 on Operations

Q1 is typically the quarter most impacted by seasonality and timing of projects. In Q1 approximately $500,000 in projects were impacted due to timing issues dealing with on-site restrictions during lockdown periods in Ontario.  These projects will be delivered in Q3 and Q4.

The Company has been affected by ongoing global supply chain issues related to computer processors and other components that are required for BioCloud manufacturing. The impact has been primarily due to long lead times and scarcity of components. The Company is actively working with its supply chain partners to manage the supply chain. (www.sedar.com)

There is no change to the Company’s revenue and adjusted EBITDA targets previously presented on April 7, 2021.

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