Business
Kontrol Technologies Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Kontrol Technologies Corp. (CBOE.CA:KNR) (OTCQB:KNRLF) (FSE:1K8) (" Kontrol Technologies" or "K...
About this update from Kontrol Technologies Corp.
[{"type":"text","content":"Kontrol Technologies Announces Fourth Quarter and Fiscal Year 2024 Financial Results\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth2 { width: 2% }\n.bwwidth58 { width: 58% }\n \n\n\n\n\n Kontrol Technologies Corp. (CBOE.CA:KNR) (OTCQB:KNRLF) (FSE:1K8) (\"\n \n Kontrol Technologies\" or \"Kontrol\" or \"Company\") announces its results for the three months and fiscal year ended December 31, 2024. A complete set of the Financial Statements and Management's Discussion & Analysis have been filed on SEDAR (\n \n www.sedarplus.ca\n \n ).\n \n\n\n Fourth Quarter and Fiscal Year 2024 Highlights\n \n\n\n\n As at December 31, 2024 the Company’s aggregate cash and marketable securities balance was $12.6 million.\n \n\n A gain on sale of $13.3 million was recognized during the first half of 2024 in connection with the sale of air monitoring and compliance related assets.\n \n\n In the first half of 2024, the Company paid off all interest-bearing bank debt and completed the sale of air testing, air monitoring and compliance related assets which raised significant internal cash.\n \n\n Revenues for the three months ended December 31, 2024 were $1.7 million, compared to $5.1 million for the same quarter in the prior year; Revenues for the year ended December 31, 2024 were $10.9 million, compared to $18.8 million in the prior year.\n \n\n Gross margin for the year ended December 31, 2024 was 56%, compared to 61% in the prior year.\n \n\n Net income from continuing operations for the year ended December 31, 2024 was $12.2 million compared to $(381) in the prior year. The current fiscal year includes gain on a sale of assets.\n \n\n Adjusted EBITDA from continuing operations for the year ended December 31, 2024 was negative $(525,458) compared to $3.6 million in the...