More positive results from KNR. Shareholders should listen to conference call this afternoon
("Kontrol" or 'Company') a leader in the energy efficiency sector through IoT, Cloud and SaaS technology announces its financial results for the second quarter ended June 30, 2019.
A complete set of Financial Statements and Management's Discussion & Analysis will be filed on SEDAR (www.sedar.com) on August 29th. A conference call to discuss the Q2 2019 financial results has been scheduled for August 29th at 4:30pm (EST). See details below.
Highlights
Revenue for the three months ended June 30, 2019 was $3.9 million, up 93% over the comparative quarter in the prior year
Revenue for the six months ended June 30, 2019 was $7.6 million, up 80% over the comparative period in the prior year
Adjusted EBITDA for Q2 2019 and Year to Date was $233,031 and $500,828 respectively
Kontrol Energy and Toyota Tsusho Canada Inc. commenced initial deployment of IoT enabled energy monitoring and analysis; 4 Smart Factory sites assessed, and 2 pilots completed
Convertible debenture offering announced for gross proceeds of up to $2 million
Indicative term sheet signed to refinance current debt relating to a 2018 acquisition
As at June 30, 2019 $3.1 million of debentures were exchanged for a new offering with a maturity date of October 31, 2020
Completed purchase of patents, intellectual property and computer equipment from DIMAX Controls Canada Inc. and rebranded as SmartSite®
Signed a Letter of Intent to acquire 100% of the shares of an electrical efficiency company; subject to due diligence the Company is targeting a Q3 2019 closing
Management Commentary and Q2 2019 Financial Highlights
“The Company experienced a strong second quarter and first half of 2019 with revenue and Adjusted EBITDA significantly higher over the same periods in the prior year”, said Paul Ghezzi, CEO of Kontrol Energy. Our strong performance reflects new business activities coming online from the completed 2018 acquisitions and organic growth from our technology platform.”"
