(TheNewswire)
Toronto, ON - TheNewswire- August 2, 2023 - NTG Clarity Networks Inc. (TSX.V:NCI), announces its second quarter results for the period ended June 30, 2023 (all figures in Canadian Dollars).
NTG’s continued hard work and dedication resulted in Q2 2023 being the highest single quarter revenue at $6.37M. Revenues for Q2 2023 were up 87% compared to Q2 in 2022. and we continued to be profitable for the quarter, despite significant currency devaluation challenges in Egypt.
Our gross margin for this quarter was 38% and the income from operations was $2,426,102. We expect these strong quarterly results to continue in 2023 due to the new contracts previously announced and the renewal of existing contracts.
Professional service revenue continues to be an important strategic source of revenue for us, given its generally recurring nature (84%). The contribution of product-related revenue was 16% in Q2 2023. We continue to focus on promoting and expanding our product offerings and our outsourcing/offshoring services.
Working capital continues to improve with June 30, 2023 being a deficit of $3,181,771 compared to a deficit of $3,557,883 at December 31, 2022.
Income statement highlights for the three and six months ended June 30, 2023 and 2022
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