DLT Resolution Reports 366% Sales Growth in Third Quarter 2020
LAS VEGAS, NV / ACCESSWIRE / November 16, 2020 / DLT Resolution, Inc. (OTC:DLTI), an information technology, cyber security, telecommunications and Union Services company, today reported financial results for its third quarter ended September 30, 2020.
2020 Second Quarter Highlights:
2020 Q3 revenue of $599,000 was 366% higher than 2019 Q3 revenue
On a consecutive quarter basis, 2020 Q2 revenue of $599,000 was 9% higher than the 2020 Q2 quarter
2020 EBITDA of $48,000 for nine months ended September 30, 2020 compared to 2019 EDITDA of ($620,000) for nine months ended September 30, 2019
"We are pleased to report accelerating revenue growth for the Q3 despite the business environment made challenging by the COVID-19 pandemic." said John Wilkes, Chief Executive Officer of DLT Resolution Inc., adding "We are currently expanding our service offerings and expect revenue growth will continue to drive our improved financial performance."
Third Quarter 2020 Results
The increase in 2020 third quarter revenue to $599,000 from 2019's third quarter revenue of $128,000 resulted from revenue generated by Union Strategies, Inc. following the Company's acquisition of its business on January 30, 2020. The Company reported a 2020 third quarter net loss of $13,000 that includes $8,000 in depreciation, amortization and interest expense, as compared to a $196,000 2019 third quarter net profit that benefited from a one-time $268,000 gain on a stock-based liability at the time.
John Wilkes concluded, "During the remainder of 2020 and the first half of 2021, our focus is to expand our service offerings in order to grow and diversify our revenues while maintaining positive EBITDA and delivering profitability."