Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) announced it is raising its fiscal year 2022 guidance after orders to ship a record number of BioCloud replacement cartridges to units in Europe, North America, and Australia.
The firm’s fiscal year 2022 guidance is now set between $95 million and $105 million, up from Kontrol’s previous $85 million to $90 million estimations.
Adjusted EBITDA is estimated to be in the range of $10 million to $12 million, up from the company’s previous $7 million to $8 million estimate range.
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In a statement, Kontrol said it will ship up to 500 replacement cartridges prior to year-end, at an average value of US$400 per cartridge, based on current customer demand and the number of BioCloud units installed.
The BioCloud technology is a real-time analyzer designed to detect airborne viruses and pathogens.
The firm added it expects the number of expected replacement cartridges to increase as more BioCloud units are installed.
“We are moving through the fourth quarter with increasing momentum as we position Kontrol for substantial growth over the coming year,” said Paul Ghezzi, CEO of Kontrol in a statement.
“The corporate partnerships we continue to secure highlight the global demand for advanced technologies for energy management, emission reduction, and air quality solutions that ultimately enable sustainable buildings.”
Ghezzi said that the company decided to raise its revenue guidance due to the continued expansion of its blue-chip customer base and the strategic partnerships.
“This continued execution on our operational strategy and visibility into our business provides a strong foundation for Kontrol as we work toward an uplisting to a senior US exchange in 2022, which we believe will increase visibility of our company to the institutional investment community and help create long-term value for our shareholders.”
Toronto-based Kontrol 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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