Business
Novra Announces Financial Results for Q1 2023
Winnipeg, Manitoba--(Newsfile Corp. - May 31, 2023) - Novra Technologies Inc. (TSXV: NVI) (OTCQB:...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Financial Results for Q1 2023Winnipeg, Manitoba--(Newsfile Corp. - May 31, 2023) - Novra Technologies Inc. (TSXV: NVI) (OTCQB: NVRVF) (\"Novra\") has released its financial results for the three months ended March 31, 2023. All amounts are in Canadian dollars unless otherwise noted. Novra is pleased to announce several positive trends in our financial results for the first quarter, as well as significant customer orders so far this year. While Novra's revenues fluctuate quarterly reflecting the project-based nature of our sales, and Q1 is a low-revenue quarter, both revenue and gross margin percentage were up from the same period in 2022. Overall revenue increased by 17% with service revenue in particular rising by 42%. Our advanced development work and substantial R&D investment over the past few years are paying off as we book more and more service business, including the recent selection of our MISTiQ solution by two major Canadian broadcasters for their cloud-based content distribution. Our services revenue includes a growing contribution from our Software as a Service (SaaS) and content distribution offerings. This recurring-revenue model is increasingly popular with customers who want to migrate to new technology without a major upfront investment, and it's aligned with our ongoing strategic goal of generating a more consistent revenue base. This shift in product/service mix contributed to a substantial increase in gross margin percentage to 63.9% for the current quarter. This in turn led to a $433 thousand, or 57%, improvement in Net Income loss compared to the same quarter in 2022 and an 84% improvement of our Adjusted EBITDA(1). See more financial highlights in the chart below.(In Thousands) Three Months Ended March 31, 20232022% Chg Revenue by type:   Products$483$504-4%   Services60442542% Total revenue1,08792917%     Gross profit696348100%Gross margin63.9%37.5% Operating expenses1,0511,082-3% Operating income (loss)(356)(734)-51% Other income (expenses)32(23)NM Net income (loss) as reported under IFRS$(324)$(757)-57%      Adjusted EBITDA - non-IFRS measure(1)$(70)$(425)-84%  NM - Not meaningfulAmounts in the table may not reconcile due to rounding differences.(1) Refer to th...