Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) has announced record fourth-quarter and fiscal 2021 financial results following what it said was a “watershed year”.
The Toronto-based Internet of Things (IoT) company reported 4Q revenues of $28.7 million, a year-over-year increase of 567%, while revenues for the full year to December 31, 2021, surged 367% to $57.7 million.
"2021 was a watershed year for Kontrol, as we executed well against our growth strategy to achieve revenue growth to a record of $58 million," CEO Paul Ghezzi said in a statement.
“Our primary focus on sustainability, energy conservation, and greenhouse gas emission reduction are driving the organic expansion of our operating platform, while we continue to scale our acquisitions as demonstrated by the multi-year service agreements and large projects that we secured under our Global HVAC business,” he added.
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The company said adjusted underlying earnings (EBITDA) also reached a record $6.5 million in the fiscal year 2021, up 227% year-over-year and in line with its guidance of $6 million to $7 million. Net income for the year improved to $1 million, compared to a net loss of $1.9 million in 2020.
Cash flows from operating activities of $4.7 million were up 200% year-over-year and the company strengthened its balance sheet by eliminating $3 million of secured debt in 2021, it said.
“Our building technology and cloud-based platform are enabling us to expand our North American market footprint rapidly and with stability from our tier-one commercial and industrial customers,” Ghezzi continued.
“We are well-positioned for a year of continued growth as we scale into new verticals and build our recurring revenues base with new contracts while expanding opportunities within our existing blue-chip customer relationships. I look forward to providing updates on our progress as we work diligently to provide innovative solutions to some of the most important challenges facing our society and ultimately build sustainable long-term value for our stakeholders.”
Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
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