Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) announced record revenue of $21.5 million during its third quarter, boosted by its acquisition of Global HVAC & Automation Inc that closed in August 2021.
The firm’s revenue was up 614% year-over-year, which the company attributed to growth across its business verticals and more overall business activity during a period of reduced government-imposed site access restrictions.
Kontrol also posted record net income of $2.1 million over the three-month period to end September 2021 – its second consecutive quarter of positive net income.
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As a result, the Toronto-based group is raising its fiscal year 2021 revenue outlook to between $43 million and $46 million, up from its previous $38 million guidance, and targeting adjusted EBITDA of $6 million to $7 million, an increase from the previous $3.7 million estimate.
Kontrol’s acquisition of Global HVAC & Automation was the largest in the technology company’s history and added a revenue order book of $155 million. Global provides integrated installations of complex heating, cooling, ventilation and building automation systems to its customers.
“This milestone quarter was highlighted by the multiple records we set across several key metrics, driven by the momentum we delivered across our business,” said Paul Ghezzi, CEO of Kontrol, in a statement.
Ghezzi credited the firm’s ability to integrate Global into the Kontrol platform while maintaining financial discipline as helping Kontrol not only achieve its highest-ever revenue quarter, but also delivering the highest net income quarter in its history.
“We have clearly demonstrated the ability to add significant growth with profitability,” the CEO told shareholders.
“We continue to drive strong organic growth supported by heightened demand from our expanding blue-chip customer base and compounded by Government policy, underscoring the importance of and necessity for enhanced intelligence to operate better, safer, and more sustainable buildings.”
Kontrol is focused on smart buildings and cities through IoT, Cloud and SaaS technology. It provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
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