Business
Novra Announces Financial Results for Third Quarter and First Nine Months of 2021
Winnipeg, Manitoba--(Newsfile Corp. - November 29, 2021) - Novra Technologies Inc. (TSXV: NVI)...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Financial Results for Third Quarter and First Nine Months of 2021Winnipeg, Manitoba--(Newsfile Corp. - November 29, 2021) - Novra Technologies Inc. (TSXV: NVI) (\"Novra\") has announced its financial results for the nine months ended September 30, 2021. All amounts are in Canadian dollars unless otherwise noted. First Nine Months 2021 Consolidated Financial ResultsNovra's financial results for the first nine months of 2021 were significantly improved over the same period in 2020, with top line revenue growing 72% to $5.7 million and net income loss improving by $1.6 million. However, continued global supply chain and transport disruptions have prevented us from achieving the significant profits we were expecting for this period. Over $4 million in backlogged orders that we anticipated delivering in Q3 or early Q4 will now be delivered in late Q4 and into Q1 2022. This has negatively impacted our Q3 revenue expectations by $3 to $4 million and we expect to recognise this revenue in the next two quarters. We are working with our suppliers and partners to aggressively manage these supply chain disruptions and delivery challenges.  3 Months Ended September 30,Period ended September 30,(In Thousands) 20212020% Chg20212020% Chg Revenue by type: Products$535$547-2%$4,581$1,591188%  Services356545-35%1,1161,714-35% Total revenue8911,092-18%5,6973,30572% Gross profit193517-63%2,7601,76756% Gross margin21.6%47.4% 48.5%53.5%  Operating expenses1,1851,229-4%3,7203,946-6% Operating income (loss)(992)(712)39%(960)(2,179)-56% Other income (expenses)298(4)NM91250282% Net income (loss) as reported under IFRS$(694)$(715)-3%$(47)$(1,677)-97%        Adjusted EBITDA - non-IFRS measure$(380)$(325)17%$900 $(806)NM NM - Not meaningful(1) Amounts in the table may not reconcile due to rounding differences. (2) Refer to the Management's Discussion & Analysis (\"MD&A\") for a reconciliation of Adjusted EBITDA to Net Income (loss) as reported under IFRS. The significant increase in revenue for the period, coupled with a 6% reduction in operating expenses, resulted in adjusted EBITDA(2) of positive $900 thousand for the period, an improvement of more than $1.7 million over 2020. This indicates a substantial improvement in...