VANCOUVER, BC, Aug. 30, 2021 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (PINK: LTCCF), a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of fibre optic network deployment for telecommunications operators, today reported its financial results for the third quarter ended June 30, 2021. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
FINANCIAL HIGHLIGHTS FOR Q3 2021(1):
- Total Q3 2021 revenue of $1,621,794, representing an increase of 57%, versus $699,896 for Q3 2020. Total revenue also increased 252% to $5,647,081 for the nine months ended June 30, 2021 from $1,605,226 for the nine months ended June 30, 2020;
- Gross margin for Q3 2021 was $178,942, or 11%, compared to $(25,978), or -4%, in Q3 2020. Gross margin increased to $262,223, or 5%, for the nine months ended June 30, 2021 from $(372,124), or -23%, for the nine months ended June 30, 2020;
- EBITDA* improved to $(1,441,164) for the nine months ended June 30, 2021 from $(1,787,324) for the nine months ended June 30, 2020. Operating expenses went down to 49% of the revenue from 145% for the same period of last year resulted from the synergy saving and cost cutting initiatives executed this year.
- Exited the quarter with $1,037,580 in cash and cash equivalents, positive working capital of $168,585, and maintains one undrawn credit facility of $500,000.
- UK liquidation progressing smoothly with the initial dividend to be expected in the next few months.
https://www.newswire.ca/news-releases/lite-access-technologies-reports-q3-2021-financial-results-revenues-up-57-over-q3-2020-845276958.html