Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Canadian Tech Firm Sees Record Q4 & FY 2021 Financial Performance

Stockhouse Editorial
1 Comment| April 1, 2022

{{labelSign}}  Favorites
{{errorMessage}}

One of Canada’s leaders in smart buildings and cities through IoT, Cloud, and SaaS technology saw a record Q4 2021 and fiscal year 2021 financial performance.

Kontrol Technologies Corp. (CSE: KNR, Forum) provided investors with an update this week that said the company earned Record revenues of $28.7 million in the fourth quarter of 2021, up 567% year-over-year. The company also saw record revenues of $57.7 million in fiscal year 2021, up 367% year-over-year, exceeded guidance of $43 million to $46 million.

Further highlights:

  • 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

Speaking to investors in a media release on this news, Kontrol Technologies’ Chief Executive, Paul Ghezzi said that 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.

“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.”

Earlier this week, Kontrol made news when it secured a $16 Million HVAC and Automation project, through its wholly owned subsidiary, Global HVAC and Automation, for a new high rise building in the Greater Toronto Area.



{{labelSign}}  Favorites
{{errorMessage}}

Comments

No comments yet. Be first to comment!

Leave a Comment

You must be logged in to be able to post a comment.

Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today