Kontrol Technologies Announces First Quarter 2022 Financial Results; Revenues Increase 702% YoY to $26.6 Million

Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology, provided financial results for the three months ended March 31^st, 2022. A complete set of the Financial Statements and Management's Discussion & Analysis have been filed on SEDAR (www.sedar.com).

First Quarter 2022 Highlights

• Record Q1 revenues of $26.6 million, up 702% year-over-year
• Net income of $1.6 million, compared to net loss of $823,733 in Q1 2021
• Adjusted EBITDA* of $2.5 million, up 123% year-over-year
• Gross profit of $6.7 million, up 281% year-over-year
• Working capital of $7.1 million, an increase of $3.4 million over the year end balance at December 31, 2021
• Awarded contract and letter of intent totaling $25.7 million for HVAC and automation projects
• Launched Kontrol Carbon to support customers in GHG monitoring, management, and carbon credit monetization

Management Commentary

“Our first quarter 2022 performance reflects our continued operational execution as we make progress toward realizing our strategic vision,” said Paul Ghezzi, CEO of Kontrol Technologies. “We are working diligently to scale the Kontrol platform while maintaining discipline in the management of our capital structure and remain deeply focused on growing profitability. As we look forward, we are well positioned for continued growth by bringing innovative solutions that enable our customer base to achieve greater sustainability across their businesses.”

Q1 2022 Financial Summary

Financial Results	Three months ended
(unaudited)	March 31, 2022	March 31, 2021
Revenue	$26,621,533	$3,319,194
Gross profit	$6,742,135	$1,771,560
Net income (loss)	$1,641,673	$(823,733)
Basic EPS