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LITE ACCESS TECHNOLOGIES REPORTS Q3 2022 FINANCIAL RESULTS; REVENUES UP 69% OVER Q3 2021
LITE ACCESS TECHNOLOGIES REPORTS Q3 2022 FINANCIAL RESULTS; REVENUES UP 69% OVER Q3 2021 ...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n \n \n \n LITE ACCESS TECHNOLOGIES REPORTS Q3 2022 FINANCIAL RESULTS; REVENUES UP 69% OVER Q3 2021\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 29, 2022\n \n \n /CNW/ -\n \n LITE ACCESS TECHNOLOGIES INC.\n \n (the \"\n \n Company\n \n \") (TSXV: LTE) (OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, today reported its financial results for the third quarter ended\n \n June 30\n \n , 2022.  The financial statements and related management's discussion and analysis (\"MD&A\") can be viewed on SEDAR at\n \n www.sedar.com\n \n .\n \n \n \n FINANCIAL HIGHLIGHTS FOR Q3 2022:\n \n \n \n \n Total Q3 2022 revenue of\n \n $1,395,713\n \n , representing an increase of 69%, versus\n \n $823,456\n \n for Q3 2021;\n \n \n Gross margin for three months ended\n \n June 30, 2022\n \n was\n \n $(167,851)\n \n compared to\n \n $(6,932)\n \n for the three months ended\n \n June 30, 2021\n \n . Gross margin as a percentage of revenue went down to -12% this year, primarily attributed to higher construction costs compared to the third quarter of last year;\n \n \n Operating expenses of\n \n $522,803\n \n for Q3 2022, down 32% compared to\n \n $770,181\n \n in Q3 2021. Operating expenses for the nine months ended\n \n June 30, 2022\n \n was\n \n $1,722,008\n \n , down 28% from\n \n $2,391,920\n \n reported last year driven by cost cutting initiatives the Company has taken to lower the overhead expenses across the majority of the expense categories;\n \n \n EBITDA* of\n \n $(575,178)\n \n for Q3 2022 compared to\n \n $(450,648)\n \n for Q3 2021; The decrease of EBITDA mainly attributable to higher material and labour costs this year, partially offset by the lower operating expenses resulting from the cost cutting measures;\n \n \n Net comprehensive loss of\n \n $(962,197)\n \n for Q3 2022 compared to a loss of\n \n $(890,672)\n \n in Q3 2022.\n \n \n \n \"We are satisfied with the progress Lite Access has made as we continue ramping up our top-lin...