Ynvisible Interactive Inc. Forecasts Strong Fourth Quarter 2020, Provides Financial Outlook Webinar, Announces New Electronics Manufacturing Partnership
Ynvisible Interactive Inc. (the "Company" or "Ynvisible") (TSXV: YNV, OTCQB: YNVYF, FRA: 1XNA) is pleased to provide the following corporate update (all dollar amounts are expressed in Canadian dollars):
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210419005998/en/
Reported Income 2018-2020 (Graphic: Business Wire)
Ynvisible is forecasting the following financial results for the period of October 1, 2020, to December 31, 2020 ("Q4") as compared to its most recently reported period of July 1, 2020, to September 30, 2020 ("Q3") and the period from April 1, 2020, to June 30, 2020 ("Q2" ):
- The Company is forecasting Q4 sales of $142,374 and Q4 cost of sales of $85,184 compared to reported Q3 sales of $108,442 and Q3 cost of sales of $90,750, and Q2 sales of $77,264 and Q2 cost of sales of $33,093.
- Operating expenses are expected to be $1,400,000 in Q4, compared to $1,125,119 in Q3, from $1,312,990 in Q2.
- Adjusted for income from other sources, including prototype projects and EU co-funded project grants, is expected to be $472,159 for Q4, compared to $357,733 for Q3, compared to $300,791 reported in Q2.
The Company is continuing to see steady growth in income from clients. With the financial forecasts announced today, the Company forecasts cumulative revenue for 2020 to be $1,236,000.
"Our forecasts recognize that Ynvisible's 2020 revenue comes from a mix of funded research, development, prototyping, and contract manufacturing services. This provides a holistic view of our investment and growth strategy as an emerging technology firm," commented Darren Urquhart, CFO of Ynvisible.
"In 2020, we took bold operational steps to realize the transformation from a primarily contracted research organization into an integrated manufacturer and solutions provider, with a dedicated sales team," added Michael Robinson, CEO of Ynvisible.
"As we fulfill EU-funded commitments, we see income from development, prototyping, and contract manufacturing services continuing to increase in the short-term. Our focus continues to be delivering recurring revenue based on excellent customer service, better supporting our Americas-based customers to integrate Ynvisible's display technology into fulfilling demands for differentiated and value-added IoT solutions," Mr. Robinson continued.