NTG Clarity Reports a Record First Quarter 2022 With $554K Profit and a Revenue of $4.3M

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[{"type":"text","content":"NTG Clarity Reports a Record First Quarter 2022 With $554K Profit and a Revenue of $4.3M\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 / May 26, 2022 /\n \n \n NTG Clarity Networks Inc.\n(TSXV:NCI)\n \n \n , announces\n \n \n its\nfirst quarter results for the period ended March 31, 2022 (all figures\nin Canadian Dollars).\n \n \n \n \n In Q1 2022, revenue was the highest Q1 since 2015 and\nwe have been profitable for the seventh straight quarter. Revenues\nwere up 88% to $4.3M compared to $2.29M in Q1 2021. Profit was\n$554,342 compared to $249,727 in Q1 2021, an almost 122% increase. Our\ngross margin for this quarter was 32% and the income from operations\nwas $501,137. We expect these strong quarterly results to continue in\n2022 due to the new contracts announced in December 2021.\n \n \n \n \n Professional service revenue continues to be an\nimportant strategic source of revenue for us, given its generally\nrecurring nature (76%). The contribution of product-related revenue\nwas higher than the same period last year (24% compared to 17% in Q1\n2021). This is because of the product sales announced at the beginning\nof the year.\n \n \n \n \n Working capital continues to improve with March 31,\n2021 being a deficit of $3,296,716 compared to a deficit of $3,757,061\nat December 31, 2021.\n \n \n \n \n \n \n Income\nStatement Highlights for the Three Months Ended March 31, 2022 and\n2021\n \n \n \n \n \n \n \n \n March 31, 2022\n \n \n \n \n March 31, 2021\n \n \n \n \n \n \n REVENUE\n \n \n \n \n $\n \n \n \n \n 4,320,604\n \n \n \n \n $\n \n \n \n \n 2,298,307\n \n \n \n \n \n \n COST OF SALES\n \n \n \n \n \n \n 2,939,669\n \n \n \n \n \n \n 1,211,592\n \n \n \n \n \n \n GROSS MARGIN\n \n \n \n \n $\n \n \n \n \n 1,380,934\n \n \n \n \n $\n \n \n \n \n 1,086,714\n \n \n \n \n \n \n Operating Expenses\n \n \n \n \n \n \n 1,070,174\n \n \n \n \n \n \n 638,201\n \n \n \n \n \n \n Foreign Exchange (Gain) Loss\n \n \n \n \n \n \n (87,950)\n \n \n \n \n \n \n 3,624\n \n \n \n \n \n \n Other Expenses\n \n \n \n \n \n \n 271,730\n \n \n \n \n \n \n 113,944\n \n \n \n \n \n \n Net Income from continuing operations\n \n \n \n \n \n $\n \n \n \n \n \n 126,980\n \n \n \n \n \n $\n \n \n \n \n \n 330,945\n \n \n \n \n \n \n Other – Exchange Gain (Loss) on Translation\n \n \n \...

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