Kontrol Technologies Reports Record Preliminary Revenue of $18.0 Million in Q3 2021
Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company"), a leader in smart building technologies, provides preliminary revenue for the third quarter ended September 30th, 2021 and updates its outlook for 2022.
“The record preliminary revenues of $18.0 million for the third quarter of 2021 is testament to the continued execution of our strategic vision and the expansion of our operating platform,” said Paul Ghezzi, CEO of Kontrol Technologies. “We envision that the momentum we established in 2021 will accelerate into the future, supported by capturing additional market share as well as expanding our solutions in new markets. We look forward to providing a comprehensive update to the market on our upcoming earnings call this November.”
Preliminary Q3 2021 Revenues
The Company anticipates revenue for the third quarter of 2021 to be at least $18.0 million, an increase of approximately 500% compared to $3.0 million in the same quarter in the prior year. This year-over-year growth is primarily attributed to continued acceleration of the Company’s operating platform, technology deployment across its energy management and air quality verticals, and the recent acquisition of Global HVAC and Automation (see press release dated August 3rd, 2021).
Kontrol’s outlook for the full-year 2021 remains approximately $38 million, up from $12.3 million in 2020, and anticipates 2021 Adjusted EBITDA* of approximately $3.7 million.
The Company is revising its 2022 outlook to $85 million to $90 million of revenue and $7 million to $8 million of Adjusted EBITDA* for the full year.
The estimated results included in this press release are preliminary and subject to adjustment upon completion of the Company’s quarter-end financial review process. Final financial results for the period ending September 30th, 2021, will be released in mid-November 2021.
The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, and acquisition related expenses. The Company believes Adjusted EBITDA is a useful measure as it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, as well as future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company. These non-IFRS definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to net earnings determined in accordance with IFRS or as indicators of performance, liquidity, or cash flows.
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