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Novra Announces Financial Results for Q3 and the First Nine Months of 2023
Winnipeg, Manitoba--(Newsfile Corp. - November 30, 2023) - Novra Technologies Inc. (TSXV: NVI) (O...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Financial Results for Q3 and the First Nine Months of 2023Winnipeg, Manitoba--(Newsfile Corp. - November 30, 2023) - Novra Technologies Inc. (TSXV: NVI) (OTCQB: NVRVF) (\"Novra\") has released its financial results for the nine months ended September 30, 2023. All amounts are in Canadian dollars unless otherwise noted. Novra is pleased to announce a profitable Q3, along with improved gross margins and continued reductions in operating expenses for the nine-month period. Our third quarter results were positive with a net income of $102 thousand and $253 thousand Adjusted EBITDA(1).Our financial performance improved significantly after a slow start to the year. Although our nine-month revenue was down by $888 thousand, our net income loss improved by 55%, or $464 thousand, over the same period of 2022. The positive Q3 results partially offset losses incurred in earlier quarters. Novra's substantial deferred revenue of more than $1.6 million as of September 30, 2023, also provides some positive visibility into future revenue. Pent up demand is continuing to grow in our markets as networks maintain their existing infrastructure longer. Infrastructure replacements will be necessary due to technology obsolescence, aging equipment, and new business requirements. However, this is countered by the economic uncertainty, higher interest rates and contracting availability of capital that are leading businesses to delay these investments. We are therefore continuing to adjust expenditures to address these economic conditions.Novra's cash position at the end of the period was strong, with bank deposits of over $1.2 million, $1.4 million in cashable guaranteed investment certificates (GICs), and a bank credit facility of $845 thousand providing a large pool of liquid funds.The following financial summary shows results for the three and nine months ended September 30, 2023.(In Thousands) Three Months Ended September 30, Period Ended September 30,20232022% Chg 20232022%Chg Revenue by type: Products$821$1,809-55% $2,140$4,267-50%Services41933226% 2,3791,141109% Total revenue1,2412,141-42% 4,5195,408-16% Gross profit913999-9% 2,4952,517-1% Gross margin73.6%46.7%  55.2%46.5% Operating expenses8021,008-20% 2,8583,319-14% Operating income (loss)111(9)...