Key Takeaways from another RECORD quarter at KNR Paul Ghezzi
I'm excited to share our milestone quarter in which we delivered record revenues, EBITDA and net income.
We have clearly demonstrated the ability to add significant growth with profitability. We continue to drive strong organic growth supported by heightened demand from our expanding blue-chip customer base.
Kontrol is uniquely positioned to capitalize on the ongoing building modernization super cycle, and I look forward to continued momentum as we execute on our operating strategy through the remainder of 2021 and into this next phase of growth ahead as we work to deliver sustainable value for our shareholders.
In addition to revenue and earnings growth, we continue to operate with financial discipline and exited Q3 with a strong balance sheet and working capital position. I'll have a general corporate update following the presentation of the key financial metrics for Q3.
I'll now pass it over to Claudio Del Vasto to present our financial results in more detail.
Claudio Del Vasto
Thanks, Paul. Hello, everyone. This is Claudio Del Vasto, CFO of Kontrol Technologies. As Paul noted, we delivered record third quarter results.
Revenue, earnings and cash flow from operating activities were all significantly higher than prior periods. So we're very pleased with third quarter and year-to-date performance. I'll provide a very short briefing on Q3 financial results.
Revenues for the third quarter were $21.5 million, an increase of 614% from the same quarter in the prior year. Revenues for the 9 months ended September 30 were $29 million, up 260% over the same period in the prior year. We generated positive net income for the second consecutive quarter. Net income for the third quarter was $2.8 million. Adjusted EBITDA for the third quarter was $2.8 million, an increase of 224% over the same quarter in the prior year.
Adjusted EBITDA for the 9 months ended September 30 was $5 million, an increase of 234% from the same period in the prior year.
Cash flows from operating activities for the 9 months ended September 30 were $4.8 million. We improved our financial position through debt reduction that totaled $4 million for the 9 months ended September 30, 2021.
In summary, Kontrol delivered strong revenue and earnings performance, driven by growth across our platforms as we continue to strengthen our balance sheet.
Paul Ghezzi
Overall, we remain on track for our best financial year in our history, driven by expanding technology solutions, organic growth and the recent acquisition of Global HVAC & Automation. We are experiencing tailwinds in the business driven by the convergence of government policy, stakeholder activism and corporate social responsibility.
Buildings across North America are responsible for approximately 40% of GHG emissions. In the next decade, buildings globally will consume approximately half of the world's energy supply. Certainly, this underscores the importance and necessity for enhanced intelligence to operate better, safer and more sustainable buildings. The Global acquisition, we've been able to integrate Global into our operating platform while delivering record net income. This reflects our ability to acquire a good value and manage the P&L with discipline.
We believe that through the introduction of our recurring revenues in software and service will be able to drive those revenues into Global with a higher margin. By adding recurring revenues to the business, we can deliver a higher return on investment and return on invested capital.
BioCloud.
We continue to experience strong demand for BioCloud. And from our customers in Europe and outside of North America, we are being advised of a fifth wave that may be potentially impacting the global economy. We are pleased to announce and share today multiple positive BioCloud detections of the SARS-CoV-2 virus. This is a major accomplishment for BioCloud as we have collected significant data over an extended period of time that can now be shared with our respective partners, customers and applicable government agencies.
BioCloud is accretive to revenues and earnings and represents good organic growth and internal innovation. We continue to make great progress, and we believe we are in the beginning stages where every building in the world will have an early viral and pathogen detection system.
BioCloud is not a medical device and does not require Health Canada or FDA approval. We continue to wait for Health Canada -- for Health Canada update. And as previously stated, we neither control the timing nor the process. When we have a confirmation, we'll update the market. We believe that BioCloud is in an enviable position of technology validation through all the testing performed to date.
And as we evolve the BioCloud technology, we'll continue to update the market.
Without a doubt, BioCloud has moved us into the global stage and has been the catalyst to numerous global partnerships with many more to come. We are pleased to announce that we are starting our first carbon credit program in Q4 or project in Q4, with many more to follow. Adding carbon credit monetization to our platform has delivered numerous new opportunities for our building technology value proposition.
Supply chain. The supply chain across our business remains an ongoing challenge, as it does for the majority of businesses. Lead times on components have improved slightly, but it's difficult to predict with any certainty when those will be back to normal. We work closely with our customers and suppliers on a daily basis to best manage our supply chain.
Corporate outlook. Kontrol updated its guidance for 2021 fiscal year following the strong performance in Q3. Revenue is estimated to be in the range of $43 million to $46 million for the year, up from its previous $38 million estimate and compared to $13 million in 2020. Adjusted EBITDA is estimated to be in the range of $6 million to $7 million, up from the previous $3.7 million estimate and compared to $2 million in 2020.
The company anticipates seasonality in the month of December around project cutoff and revenue recognition and provides its updated outlook as a range to take into account the potential impacts of the seasonality.
In conclusion, we want to take some time to thank all of our staff, our customers and our partners.
We are delivering record financial performance while executing on our vision for a more sustainable future for all. We are excited about our business, our current innovation and the innovation we'll be adding in the coming months and years. We look forward to the continued execution of our strategic plan.