Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR), the provider of technology for smart buildings and cities, has announced that it is well placed for further growth after it saw revenue soar by 702% to $26.6 million in the first quarter of this year.
The company reported net income of $1.6 million, compared to net loss of $823,733 in the first quarter of 2021, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 123% to $2.5 million.
"Our first quarter 2022 performance reflects our continued operational execution as we make progress toward realizing our strategic vision," Paul Ghezzi, CEO of Kontrol Technologies said in a statement.
READ: Kontrol Technologies establishes an at-the-market equity program that allows it to issue and sell up to $10M of common shares
"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."
The company ended the period with working capital of $7.1 million, an increase of $3.4 million over the year-end balance at December 31, 2021.
During the first quarter, Kontrol Technologies was awarded contracts and letters of intent totaling $25.7 million for HVAC and automation projects.
The company said it will host a conference call today, Monday May 16, 2022, at 8.30am ET.
Contact the author at jon.hopkins@proactiveinvestors.com