NTG Clarity Reports 96% Revenue Growth in Seventh Consecutive Record-Setting Quarterly Financials With $2.44M Profit

About this update from Ntg Clarity Networks Inc.

[{"type":"text","content":"NTG Clarity Reports 96% Revenue Growth in Seventh Consecutive Record-Setting Quarterly Financials With $2.44M Profit\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 / July 29,\n2024 / NTG Clarity Networks Inc. (\n \n\n TSX.V:NCI, OTC: NYWKD);\n \n\n )\n \n\n ,\n \n\n announces its second quarter results for the period ended\nJune 30, 2024 (all figures in Canadian Dollars).\n \n\n\n\n Thanks to the hard work and commitment of our entire\nteam and the confidence of our customers, Q2 2024 has had the\nhighest-ever single quarter revenue at $12.488M, up 96% compared to Q2\n2023. This makes the seventh consecutive quarter setting all-time\nrevenue records, while maintaining and increasing profitability with\n$2.44M in profit for Q2 2024. This is up 250% from Q2 2023 and again\nis more profit in the quarter than we saw in the entire fiscal year of\n2023, while also being an all-time quarterly profit record.\n \n\n\n\n\n\n\n\n Click Image To View Full Size\n \n\n We have a positive working capital of $2,635,848 as\nof June 30, 2024, compared to a deficit of $2,092,663 on December 31,\n2023. With funds from our accelerating growth, we have reduced our\nlong-term debt by a total of $367,618 for the year, including $300,000\ntowards the outstanding indebtedness held by a numbered\nCompany.\n \n\n\n\n Improvements on our balance sheet have led to a\nshareholders’ equity of $\n \n\n 1,824,101 as of June\n30, 2024, compared to a deficit of $3,237,143 at December 31, 2023,\nmarking the first quarter with a positive shareholders’ equity since\nQ3 2016.\n \n\n\n\n In the first half of 2024, we have consistently had\nquarterly bottom-line net income margins of around 20%. Due to this\nconsistent exceeding of guidance, we are actively reviewing our\ntargets for 2024 and expect to share updated guid\n \n\n\n\n ance in the near future.\n \n\n\n\n\n\n Income\nstatement highlights for the three and six months ended June 30, 2024\nand 2023\n \n\n\n\n\n\n\n\n\n 3 Months Ended\n \n\n\n\n\n\n 6 Months Ended\n \n\n\n\n\n\n\n\n\n\n June 30, 2024\n \n\n\n\n\n\n June 30, 2023\n \n\n\n\n\n\n June 30, 2024\n \n\n\n\n\n\n June 30, 2023\n \n\n\n\n\n\n\n\n REVENUE\n \n\n\n\n\n\n $   12,488,315\n \n\n\n\n\n\n $  6,373,261\n \n\n\n\n\n\n $  24,243,835\n \n\n\n\n\n\n $  ...

More updates from Ntg Clarity Networks Inc.