Business
Enablence Announces the Filing of Its Financial Results for the Period Ending March 31, 2021
Ottawa, Canada--(Newsfile Corp. - May 28, 2021) - Enablence Technologies Inc. (TSXV: ENA)...
About this update from Enablence Technologies Inc.
[{"type":"text","content":"Enablence Announces the Filing of Its Financial Results for the Period Ending March 31, 2021Ottawa, Canada--(Newsfile Corp. - May 28, 2021) - Enablence Technologies Inc. (TSXV: ENA) (\"Enablence\" or the \"Company\"), a leading supplier of optical components and subsystems, has filed its unaudited interim financial statements for the three and nine months ended March 31, 2021, and related management's discussion and analysis and certifications (collectively, the \"Required Documents\"). Electronic copies of the Required Documents are available on SEDAR (www.sedar.com) under Enablence's issuer profile.On May 11, 2021, the Company submitted an application to the Ontario Securities Commissions (\"OSC\") to revoke the Cease Trade Order (\"CTO\") that was originally put in place on June 9, 2020. The CTO was a result of the Company's failure to meet the continuous disclosure requirements of the OSC, a situation which the Company believes has now been remedied. The Company is awaiting feedback from the OSC and anticipates that its shares will resume trading on the TSX Venture Exchange following the completion of the OSC review.Business UpdatesEnablence is pleased to provide the following business updates:Company revenue increased to $698,000 for the three month period ending March 31, 2021, an increase of 217% over the same period in the prior year. Revenue also increased by 2% over the prior quarter. Management believes that this quarter-over-quarter increase from Q2 2021 to Q3 2021 would have been higher if not for traditional customer demand pullback leading up to, and during, the Chinese New Year and minor production equipment issues at the Company's Fremont, California fabrication plant (the \"Fremont Fab\") that have now been resolved.The Company continues to expand its non-recurring engineering revenue (\"NRE Revenue\") business with sales of $302,000 in the quarter, representing an increase of 383% over the prior quarter. Key projects include those for an industry leading automotive LiDAR company, a U.S. government contractor and a large-scale optical chip contract manufacturer in China. In select circumstances, NRE Revenue can serve as a precursor to longer term contracts and purchase orders for the Company.The Company continues to see recurring and growing demand for use of the Fremont Fab from a mega-cap technology...