2021 Second Quarter Results Q2 2021 Revenue grows by 27% sequentially with gross margin of 61%
TORONTO, Aug. 12, 2021 /CNW/ - Redline Communications (www.rdlcom.com) Group Inc. (TSX: RDL), the creator of powerful wireless data infrastructure for mission-critical applications in challenging locations, today announced operating results (in US dollars unless otherwise noted) for the second quarter ended June 30, 2021.
Revenue for the second quarter ended June 30, 2021 ("Q2 2021") was $4.7 million, up 15% from Q2 2020 and up 27% from Q1 2021. Order Bookings1 for Q2 2021 were $5.3 million, up 15% compared to same quarter in the previous period and up 60% quarter over quarter. Order Backlog1 for the quarter ended June 30, 2021 was $11.8 million, up 4% from Q1 2021.
"In Q2 20201, Redline saw an increase in orders from customers across all core vertical markets" stated Ronan McGrath, Redline's acting CEO and member of the Board of Directors. "Pent up demand from ongoing sales efforts during COVID-19 restrictions is now being turned into orders and shipments as the impact of the global pandemic diminishes" he added. "The Middle East and South America, both key markets for Redline, were especially active in the quarter with orders coming from a broad range of customers. I am pleased with the continued success of our strategy of driving revenue through our distribution channels since 2019, when it was 14% of revenues, increasing to 25% in 2020 and now at 30% year to date. Driving sales through our distribution channels is also key in reducing the amount of inventory on hand."