Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR), a leader in smart buildings and cities through the Internet of Things (IoT), Cloud and Software as a Service (SaaS) technology, provided financial results for the second quarter to June 30, 2022, showing record revenues of C$29.1 million, up 599% year-over-year.
The Canadian technology company noted its revenues for the six months to end-June were $55.8 million, and reported adjusted earnings before interest, tax depreciation and amortization (EBITDA) of $2 million and $4.5 million for the second quarter and first half respectively.
In a statement, CEO of Kontrol Technologies, Paul Ghezzi said the company’s first-half performance reflects continued operational execution as it worked to scale the Kontrol platform while maintaining discipline in operations and capital structure.
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"(2Q) was our highest-ever revenue quarter in our history, as we continue to drive growth within our customer relationships in the multi-residential and commercial building portfolios," Ghezzi said.
Net income for the first six months was $2.7 million, compared to a net loss of $645,597 for the same period in the prior year. Gross profit for the first half was $13.6 million, and working capital stood at $9.1 million at end-June, an increase of $5.4 million over the year-end balance at December 31, 2021.
During the first half of the financial year, Kontrol launched development of Kontrol BioWater, an extension of the Kontrol BioCloud Technology for early viral detection in water systems.
It also completed the first SmartSuite installation in Florida for a leading National USA REIT, and continued its success in contract and letter of intent awards for heating, ventilation, and air conditioning (HVAC) and automation projects.
Kontrol Technologies 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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