Interesting info from Q391% of customer revenue from USA
Line of credit tapped into for $2.6 million (from zero at Aug.31), presumably to fund the significantly growing Inventory (mostly finished goods) in anticipation of near term Sales. (my speculation). Unclear how much inventory is ITSS.
Q3 revenue of $4.4 million beat last year, but still seems light given Q3 and Q4 are the better revenue quarters.
Investor Relations costs!!! - that number jumped out at me as well. (Was it $176 or $276K) Seemed too much for what we are getting.
Bottom line, another unprofitable quarter which is not Doug's MO. GSI remains dependent on government budgets to release the flow of money for transit ridership budgets and I still believe that ridership levels are below pre-covid levels (at least they are here in Ottawa).
Might just be a timing issue and hopefully those government contracts start opening up. Otherwise, will need to tighten the belt here.