Business
Novra Announces Financial Results for Q4 and the Full Year 2023
Winnipeg, Manitoba--(Newsfile Corp. - April 30, 2024) - Novra Technologies Inc. (TSXV: NVI) ("Nov...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Financial Results for Q4 and the Full Year 2023Winnipeg, Manitoba--(Newsfile Corp. - April 30, 2024) - Novra Technologies Inc. (TSXV: NVI) (\"Novra\") has released its financial results for the year ended December 31, 2023. All amounts are in Canadian dollars unless otherwise noted. Novra's financial performance improved significantly after a slow start to the year and returned to net income profitability for the full year. Although our annual revenue was down by $157 thousand, our net income was $136 thousand, a $610 thousand improvement over the $474 thousand loss in 2022 and our Adjusted EBITDA(1) was $845 thousand. This improvement is largely a result of strategically reducing operating expenses compared to last year, while maintaining the ability to deliver leading products and outstanding service. Our cost savings measures implemented in 2023 will carry forward into 2024 and beyond.Novra's cash position at the end of the period was strong, with bank deposits of over $2.4 million and a bank credit facility of $1.2 million providing a pool of liquid funds, and our current deferred revenue of $948 thousand is expected to be recognised in 2024. See more financial highlights from 2023 in the chart below.(In thousands) Three Months Ended December 31, Year ended December 31, 20232022% Chg 20232022% Chg Revenue by type:   Products$2,129$1,58634% $4,269$5,853-27% Services79860931% 3,1771,75082% Total revenue2,9272,19533% 7,4467,603-2%         Gross profit1,5871,618-2% 4,0824,135-1%Gross margin54.2%73.7%  54.8%54.4% Operating expenses8911,234-28% 3,7494,554-18% Operating income (loss)69638481% 333(419)NM                      Other income (expenses)(187)(21)790% (197)(55)258% Net income (loss) as reported under IFRS$509$36340% $136$(474)NM          Adjusted EBITDA - non-IFRS measure(1)$832$65327% $845$884-4% NM - Not meaningfulAmounts in the table may not reconcile due to rounding differences.(1) Refer to the Management's Discussion & Analysis (\"MD&A\") for a reconciliation of EBITDA and Adjusted EBI...