News Flash - KNR 2021 ResultsGood Morning All,
The following is today's NR from KNR.
Enjoy the read and all it entails,
2022-03-31 08:03 ET - News Release
Revenues Increased 367% Year-over-Year to Record $58 Million in 2021
Company Website: https://www.kontrolcorp.com
TORONTO -- (Business Wire)
Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology, provided financial results for the three months and fiscal year ended December 31, 2021. A complete set of the Financial Statements and Management's Discussion & Analysis have been filed on SEDAR (www.sedar.com).
Fourth Quarter and Fiscal Year 2021 Highlights
- Record revenues of $28.7 million in the fourth quarter of 2021, up 567% year-over-year
- Record revenues of $57.7 million in fiscal year 2021, up 367% year-over-year, exceeded guidance of $43 million to $46 million
- Record Adjusted EBITDA* of $6.5 million in fiscal year 2021, up 227% year-over-year and in-line with guidance of $6 million to $7 million
- Net income of $1.0 million in fiscal year 2021, compared to net loss of $1.9 million in 2020
- Cash flows from operating activities of $4.7 million in fiscal year 2021, up 200% year-over-year
- Strengthened balance sheet by eliminating $3.0 million of secured debt in 2021
- Completed acquisition of Global HVAC & Automation Inc. ("Global")
Management Commentary
"2021 was a watershed year for Kontrol, as we executed well against our growth strategy to achieve revenue growth to a record of $58 million," said Paul Ghezzi, CEO of Kontrol Technologies. "Our primary focus on sustainability, energy conservation, and greenhouse gas emission reduction are driving the organic expansion of our operating platform, while we continue to scale our acquisitions as demonstrated by the multi-year service agreements and large projects that we secured under our Global HVAC business. Our building technology and cloud-based platform are enabling us to expand our North American market footprint rapidly and with stability from our tier-one commercial and industrial customers. We are well positioned for a year of continued growth as we scale into new verticals and build our recurring revenues base with new contracts, while expanding opportunities within our existing blue-chip customer relationships. I look forward to providing updates on our progress as we work diligently to provide innovative solutions to some of the most important challenges facing our society and ultimately build sustainable long-term value for our stakeholders."
2021 Financial Summary
| | Three months ended | | Fiscal years ended December 31, | |
| Financial Results | Dec 31, 2021 | Dec 31, 2020 | | 2021 | 2020 | 2019 | |
| Revenue | $28,683,615 | $4,302,514 | | $57,664,300 | $12,349,991 | $14,558,567 | |
| Gross profit | $5,869,989 | $1,734,510 | | $15,838,121 | $6,050,160 | $7,060,679 | |
| Net income (loss) | $(389,762) | $(598,816) | | $1,025,521 | $(1,904,721) | $(2,689,859) | |
| Basic EPS | $(0.01) | $(0.02) | | $0.02 | $(0.06) | $(0.09) | |
| Diluted EPS | - | - | | $0.02 | - | - | |
| | | | | | | | |
| Add for adjusted EBITDA reconciliation: | | | | | | |
| Amortization & depreciation | $608,934 | $363,027 | | $1,854,385 | $1,853,043 | $1,677,558 | |
| Finance expense | $438,533 | $338,555 | | $1,356,841 | $1,155,296 | $1,014,294 | |
| Share based comp. | $125,354 | $443,240 | | $1,409,124 | $898,626 | $645,851 | |
| Acquisition expenses | - | - | | - | $36,011 | $78,377 | |
| Tax expense (recovery) | $758,698 | $(43,154) | | $758,698 | $(43,154) | $(201,100) | |
| Listing expense | - | - | | $117,797 | - | - | |
| Adjusted EBITDA* | $1,541,757 | $502,852 | | $6,522,366 | $1,995,101 | $525,121 | |
* Adjusted EBITDA is a non-IFRS financial measure. The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, acquisition related expenses, and listing expense.
Best of wishes to All patient Longs,
Sincerely,
Topseeker