TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company"), a leader in smart building technologies, provides preliminary revenue for the third quarter ended September 30th, 2021 and updates its outlook for 2022.
“The record preliminary revenues of $18.0 million for the third quarter of 2021 is testament to the continued execution of our strategic vision and the expansion of our operating platform,” said Paul Ghezzi, CEO of Kontrol Technologies. “We envision that the momentum we established in 2021 will accelerate into the future, supported by capturing additional market share as well as expanding our solutions in new markets. We look forward to providing a comprehensive update to the market on our upcoming earnings call this November.”
Preliminary Q3 2021 Revenues
The Company anticipates revenue for the third quarter of 2021 to be at least $18.0 million, an increase of approximately 500% compared to $3.0 million in the same quarter in the prior year. This year-over-year growth is primarily attributed to continued acceleration of the Company’s operating platform, technology deployment across its energy management and air quality verticals, and the recent acquisition of Global HVAC and Automation (see press release dated August 3rd, 2021).
Kontrol’s outlook for the full-year 2021 remains approximately $38 million, up from $12.3 million in 2020, and anticipates 2021 Adjusted EBITDA* of approximately $3.7 million.
The Company is revising its 2022 outlook to $85 million to $90 million of revenue and $7 million to $8 million of Adjusted EBITDA* for the full year.
The estimated results included in this press release are preliminary and subject to adjustment upon completion of the Company’s quarter-end financial review process. Final financial results for the period ending September 30th, 2021, will be released in mid-November 2021.
The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, and acquisition related expenses. The Company believes Adjusted EBITDA is a useful measure as it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, as well as future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company. These non-IFRS definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to net earnings determined in accordance with IFRS or as indicators of performance, liquidity, or cash flows.
About Kontrol Technologies Corp.
Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.