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NTG Clarity Achieves 109% YoY Revenue Growth with $2.1 Million of Net Income and $3.2 Million of Adjusted EBITDA in Eighth Consecutive Record-Setting Quarter
(TheNewswire) Toronto, ON – TheNewswire – November 12, 2024 / NTG Clarity Net...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Achieves 109% YoY Revenue Growth with $2.1 Million of Net Income and $3.2 Million of Adjusted EBITDA in Eighth Consecutive Record-Setting Quarter\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Toronto, ON – TheNewswire –\nNovember 12, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI; OTC: NYWKF)\n(the “Company” or “NTG”)\n \n\n ,\n \n\n announces its third quarter results for the period ended\nSeptember 30, 2024 (all figures in Canadian Dollars).\n \n\n\n\n Third Quarter 2024 Highlights\n \n\n\n\n\n\n Revenue of $14.7 million, up 109% YoY\n \n\n\n\n\n\n Net Income of $2.1 million, up 303% YoY\n \n\n\n\n\n\n Adjusted EBITDA\n \n\n\n\n 1\n \n\n\n\n of\n$3.2 million, up 140% YoY\n \n\n\n\n\n\n Reaffirm full year revenue guidance of $55 million in\nrevenue with 14% net income margin\n \n\n\n\n\n\n Backlog of work on hand of approximately $83.5 million\nas of September 30, 2024\n \n\n\n\n\n\n $5.3 million in cash on the balance sheet to fund\ngrowth into 2025 and beyond\n \n\n\n\n\n\n “We are seeing exceptional new contract momentum as\ncustomers increasingly recognize the value of our 20+ years of\nexperience in Saudi Arabia, paired with a highly skilled workforce\nthat sets us apart in the industry. We are effectively navigating the\n109% year-over-year revenue growth and sustaining our high service\nstandards and profitability, with a 22% Adjusted EBITDA\nmargin\n \n\n\n 1\n \n\n\n .\n \n\n\n\n While the Middle East has seen instability, Saudi\nArabia has been a beacon for stability and growth. The recent LEAP\n2024 conference highlighted nearly $13 billion in new technology\ninvestments in Saudi Arabia\n \n\n\n\n 2\n \n\n\n\n as the\nCountry rapidly digitizes. International companies are taking notice,\nwith over 180 companies moving their regional headquarters to Saudi\nArabia in the first half of 2024\n \n\n\n\n 3\n \n\n\n\n , including Unilever, Siemens, Google, and PepsiCo.\n \n\n\n\n We are uniquely positioned to drive this digital\ntransformation, backed by a proven track record, an established and\nhard-to-replicate workforce, and a strong balance sheet that enables\nus to seize the opportunities ahead,” said\n \n\n Adam Zaghloul, Vice President of Strategy & Planning at\nNTG Clarity.\n \n\n\n\n\n\n\n\n Click Image To V...