ScreenPro's (SCRN) financials for the quarter are highlighted by rising revenue and a net loss driven by listing expenses.
Q1 2021 Financial Summary
Revenue for the quarter was C$6,880,325 compared to $581,643 from incorporation to November 2020, a gain of 1,083 per cent.
EBITDA came in at a loss of $1,664,752.
The company incurred a net loss of $4,892,781 or $0.03 per share. This includes a one-time, non-cash listing expense of $3,155,025 and higher than normal professional services fees of $892,361 related to its public listing.
Total assets and liabilities are broken down below:
Q1 Highlights and Subsequent Events
- Acquired GoStop, a COVID-19 digital reporting passport with authentication certificates
- Received orders from three film & TV productions. The company also provided services to 22 production companies, seven in Toronto and 15 in Vancouver
- Began a new business line providing its Health Canada-approved rapid antigen tests to individuals and corporations
- Partnered with one of the largest streaming service companies in the world
- Opened its first COVID-19 testing clinic in partnership with Concierge Medical Consultants in Coal Harbor, Vancouver
Outlook
ScreenPro entered into a letter of intent on May 11, 2021 to acquire CENTRED Ventures, a U.S. travel and wellness medical technology company.
CENTRED connects travelers to leading and emerging wellness brands in over 200 cities worldwide utilizing a vertically integrated platform.
ScreenPro sees tremendous opportunities to cross-sell its COVID tests and services to the over 200 cities that CENTRED has relationships with.
The company also continues to attract business from film & TV productions with feature-length movies, episodic series productions and pilot season quickly ramping up in Toronto and Vancouver.
Andrew Ryu, ScreenPro's CEO, commented,
"We delivered a powerful start to our very first quarter as a public company with excellent revenue results and we foresee strong growth ahead.
The management is working on and will execute on a new Post 2022 plan while working on reducing our operating costs in the short term that should show progress over the next few quarters.
We are confident in our outlook for the rest of 2021 with new products that leverage our core business that bring innovative and unique solutions to the current and post-pandemic world."
Investors can find the company's full financial results on SEDAR.
ScreenPro is a medical technology company that provides turnkey screening solutions powered by its alerting software, GoStop.
ScreenPro (SCRN) is down by 14.28 per cent and is currently trading at $0.06 per share as of 9:37 am ET.