NTG Clarity Announces POs for Work Valued at Over $2.1M CAD and Provides Corporate Update

About this update from Ntg Clarity Networks Inc.

[{"type":"text","content":"NTG Clarity Announces POs for Work Valued at Over $2.1M CAD and Provides Corporate Update\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 / TNW-Accesswire / May 2,\n2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC: NYWKD);\n \n \n NTG Clarity is excited to announce that it has received 11\nnew purchase orders (POs) for a total of $2.1M CAD in new work and\nrenewals for existing customers in the Financial, Government, and\nTelecom sectors.\n \n \n \n \n These POs represent continued strong relations with our\nexisting customers. The new work expands on the products and services\nwe already provide, while the renewals continue some already large\nengagements with a key client in the Financial sector.\n \n \n \n \n Also noteworthy is that the expected average gross\nmargin on these contracts is approximately 40%, putting us on track to\nreach our targeted gross margin for 2024. The breakdown of the work is\nas follows, with all customers in the Middle East:\n \n \n \n \n \n \n $1.967M in renewals across 9 POs to provide on-site\nprofessional services to an existing customer in the Financial\nsector.\n \n \n \n \n \n \n \n \n $185K in new work:\n \n \n \n \n \n \n 175K to provide offshore professional services for two\nmonths for an existing customer in the Government sector.\n \n \n \n \n \n \n $10K to provide expanded functionality to our NTGapps\nplatform for an existing customer in the Telecom sector.\n \n \n \n \n \n \n \n \n \n “It’s amazing to see the continued votes of\nconfidence from our customers in renewing and expanding our\nengagements,” said Adam Zaghloul, Vice President, Strategy &\nPlanning of NTG Clarity. “Our strong reputation for providing\nquality professional services at a competitive price is setting us up\nfor continuing success.”\n \n \n \n \n On an unrelated note, following the release of our 2023\nyear-end financials, we have received many inquiries concerning the\ncompany’s gross margin for the year. For the twelve months ending\nDecember 21, 2023, NTG’s audited financials reported a revenue of\n$27,728,117 with a cost of sales of $18,504,982, and a gross margin of\napproximately 33%.\n \n \n \n \n Many investors were expecting a higher gross margin;\nhowever, several facto...

More updates from Ntg Clarity Networks Inc.