Business
Novra Announces Financial Results for the First Six Months of 2023
Winnipeg, Manitoba--(Newsfile Corp. - August 30, 2023) - Novra Technologies Inc. (TSXV: NVI) (OTC...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Financial Results for the First Six Months of 2023Winnipeg, Manitoba--(Newsfile Corp. - August 30, 2023) - Novra Technologies Inc. (TSXV: NVI) (OTCQB: NVRVF) (\"Novra\") has released its financial results for the six months ended June 30, 2023. All amounts are in Canadian dollars unless otherwise noted. Novra is pleased to announce our revenue improved significantly in Q2 compared to the previous quarter and our current healthy product inventory levels are allowing us to ship many of our new orders from stock. We expect to deliver the remainder of our significant backlog brought into this year in the second half of 2023. Net Income loss for the 6-month period improved by 44% or $375 thousand compared to a loss of $850 thousand in 2022. An 11% reduction in operating costs made a significant contribution to this improvement. In the most recent quarter, Novra's Adjusted EBITDA(1) was positive $85 thousand. We continue to aggressively manage expenses and adjust expenditures in response to market conditions and expect operating expenses to continue to trend lower. Novra currently has more than $2.7 million in cash deposits and cashable guaranteed investment certificates (GICs), providing a large pool of liquid funds. While actively controlling costs, we are also investing prudently in developing the technologies and products needed to meet the future requirements of current and new customers. As part of this effort, we were recently awarded a US patent for new technology that harnesses our experience in image processing to tackle the challenge of remote collaboration. We are in the process of refining the design for manufacture and exploring applications for this new technology. We continue to see pent up demand in our markets. Infrastructure replacements will be necessary due to technology obsolescence, aging equipment, and new business requirements. However, this is countered by the economic uncertainty, rising interest rates and contracting availability of capital that are leading some of our large clients to delay investments in their infrastructures. Novra has been able to compensate for this in 2023, achieving slightly higher revenue and much improved customer diversity, through sales to a broad range of smaller customers. Our top 10 customers in this period last year drove 84% of total revenue - this year our t...