Yearend financial report shows a significant revenue stream established.We must await the resolution of the COVID-19 to know the effect on KNR [as ALL companies must do.}
"2019 HIGHLIGHTS • Revenue for the year ended December 31, 2019 was $14.6 million, up 35% over the prior year • Strong organic growth • Adjusted EBITDA for the for year ended December 31, 2019 was $525,121 an improvement of $692,693 over the 2018 negative Adjusted EBITDA • Cash flow used in operating activities of $214,003 for the year ended December 31, 2019 which is an improvement of $798,507 over the prior year • Kontrol Energy was selected to the Startup 50 ranking for the second year in a row • Kontrol Energy received certification of its new SmartSuite® energy technology for the commercial, multi-residential, hospitality and industrial building market • SmartSuite® pilots commenced with three leading commercial real estate management companies • Kontrol Energy completed a pilot of its process analyzer equipment and secured an initial order with a global leading plant-based meat substitute company • Kontrol Energy received its first Smart Factory order from Toyota Tsusho Canada for deployment of IoT enabled energy monitoring and plant upgrade program • Convertible debenture offering raised gross proceeds in excess of $1 million • The Company refinanced a secured debt facility which resulted in additional Company funding • Completed purchase of patents, intellectual property, and computer equipment from DIMAX Controls Canada Inc. and rebranded as SmartSite®
Gross profit and expenses Gross profit for the three months ended December 31, 2019 was $1,595,670 a decrease of $364,433 over the comparative quarter in the prior year. For the year ended December 31, 2019, gross profit increased by $640,860 to $7,060,679 compared to $6,419,819 in 2018. For the 2019 fiscal year most product and services sales and gross profit by dollar amount were up over the prior year, while Q4 2019 sales and gross profit were down in our emissions business compared to Q4 2018.
Revenue for the fourth quarter of 2019 decreased 10% over the comparable quarter in the prior year. Fourth quarter performance reflects contributions from energy retrofit activities, continuous emission installations, and SaaS. Fourth quarter 2019 sales and gross profit were down due to the timing of various projects and their installations in the emissions business compared to the fourth quarter in the prior year and is the primary reason for the variance.”
