Business
Novra Announces First Quarter 2021 Financial Results
Winnipeg, Manitoba--(Newsfile Corp. - June 2, 2021) - Novra Technologies Inc. (TSXV: NVI) (...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces First Quarter 2021 Financial ResultsWinnipeg, Manitoba--(Newsfile Corp. - June 2, 2021) - Novra Technologies Inc. (TSXV: NVI) (\"Novra\") has announced its financial results for the first quarter ended March 31, 2021. All amounts are in Canadian dollars unless otherwise noted.First Quarter 2021 Consolidated Financial ResultsNovra's first quarter (Q1) financial results were strong, with revenue increasing by 263% compared to the same period in 2020 and net income of more than $1.1 million for the quarter. This solid performance was built on the significant backlog brought into 2021 and the acceleration of new bookings that has continued into early 2021. We currently have an order backlog of more than $4.4 million and at March 31, 2021 we also had more than $900 thousand in deferred revenue. Most of this backlog and deferred revenue is expected to be recognised in 2021.(In Thousands)Three Months Ended March 31,20212020% ChgRevenue by type: Products $ 3,280 $ 536 512% Services448490-9%Total revenue 3,728 1,026 263%Gross profit2164488343%Gross margin58.0%47.6%Operating expenses 1,190 1,446 -18%Operating income (loss) 974 (958)NMOther income (expenses) 145 443 -67%Net income loss as reported under IFRS 1,119 $ (515)NM    Adjusted EBITDA - non-IFRS measure 1,338 $ (580)NMNM - 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.Revenue for the quarter grew to $3.7 million, an increase of $2.6 million over 2020. This coupled with operating expense reduction of 18% and gross margin improvement to 58% resulted in the shift to significant net income and positive adjusted EBITDA(2) of more than $1.3 million for the period. Because our revenues have historically been project-based and spiky, the strength of results in this quarter should not be directly extrapolated to annual results. However, the significant bookings backlog and deferred revenue do provide some positive indications for future results.We expect continued volatility in our revenue and bookings for the next several quarters due to COVID-19's ongoing impact on our clients and the global economy in general. Supply chain delays due to COVID-19 are expected to ...