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NTG Clarity Networks Announces an Improved Third Quarter 2021 Financial Results
(TheNewswire) Toronto, ON - T heNewswire - November 18, 2021 - NT...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces an Improved Third Quarter 2021 Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON - T\n \n \n heNewswire\n \n \n - November 18, 2021 - NTG Clarity Networks\nInc. (TSXV:NCI)\n \n \n ,\n \n \n announces\nits third quarter results for the period ended September 30, 2021 (all\nfigures in Canadian Dollars).\n \n \n \n \n We have continued our road back to profitability with\nthe fifth straight quarter of positive results. This quarter’s net\nincome was $237,671, making the year to date 2021 a total of $947,211\nor 12.2% of revenue. Our gross margin for this quarter was 43% and the\nincome from operations was $526,474.\n \n \n \n \n In July, we announced our intention to initiate a\nboard-approved Shares for Debt transaction. In August we closed the\ntransaction and issued 40,000,000 shares and reduced our outstanding\npayables/loans by $2,000,000.\n \n \n \n \n Last quarter, we introduced the NTGapps Digital\nToolbox; a cloud-based suite of digital tools for Telecom Operators,\nalong with orders we had received for the product of approximately\n$1.1 Million. In August we announced two new POs for the product\ntotaling $800K.\n \n \n \n \n Other announced POs valued at approximately $140K were\nfor support of other NTG products.\n \n \n \n \n In September we announced receipt of a Letter of Intent\n(LOI) for the purchase of NTG’s Asset Management, Network Discovery,\nDiscrepancy and Reconciliation software. The value of this new\ncustomer’s LOI is approximately $4.5M and we anticipate some\ncontribution to revenue in Q4 2021.\n \n \n \n \n Consolidated revenue for the three months ended\nSeptember 30, 2021 was $2,844,338 compared to $2,233,248 for the same\nperiod in 2020 and is made up of product-related revenue and\nprofessional services. Year to date revenues are up by 22% from 2020\n($7,763,897 compared to $6,359,223).\n \n \n \n \n Gross margin for Q3 2021 was $1,213,537 or 43% compared\nto $846,241 or 38% for Q3 2020. For the nine months ended September\n30, 2021 the gross margin was $3,338,310 or 43%, compared to\n$2,360,901 or 37% for the same period in 2020.\n \n \n \n \n Selling and marketing expenses for the three and nine\nmonths ended September 30, 2021 were $261,654 and $616,117\nrespectively compared to $187,105 and $654,355 in the p...