Business
Pioneering Technology Reports 2023 Q1 Financial Results
(TheNewswire) Mississauga, ON - TheNewswire - March 1, 2023 - P...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Reports 2023 Q1 Financial Results\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 \n \n \n \n \n \n \n \n \n \n \n Mississauga,\n \n \n ON\n \n \n -\n \n \n TheNewswire -\n \n \n March 1,\n \n \n 2023\n \n \n -\n \n Pioneering Technology Corp. (\n \n TSXV:PTE\n \n ) (“\n \n Pioneering\n \n ” or the “\n \n Company\n \n ”), a technology company\nand North America’s leader in cooking fire prevention technologies\nand products, reports its unaudited financial results for the first\nquarter ended December 31, 2022. Pioneering’s\n \n un\n \n audited\n \n condensed interim\n \n financial\nstatements and MD&A are available on SEDAR (\n \n \n www.sedar.com\n \n \n ).\n \n \n \n \n \n \n Financial Highlights:\n \n \n \n \n RevenueinQ1was462,833,versus$465,785for the same period a year ago.\n \n \n \n \n Gross margin in Q1 was 48% (222,774) versus 47% (219,634) in Q1 2022.\nQ1 2022 gross margin has been restated to reflect freight charges\nreceived in that quarter, which were not originally included in the Q1\n2022 results and instead reported in the Q2 2022 results.\n \n \n \n \n ExpensesinQ1were436,921,adecreaseof9%versusQ1 2022479,963. The Company\nintends to continue to manage its costs carefully and in\nanappropriatemannerrelativetoindustryconditions.\n \n \n \n \n Net lossforthe\n \n quarter\n \n was234,955versusalossof281,922 inQ12022.\n \n \n \n \n Balancesheetremainsstrongwith1Mincash,\n \n and\n \n 2.4Minaccountsreceivableandinventory.\n \n \n \n \n \n \n \n \n Selected\nFinancial Highlights for the First Quarter ended December 31, 2022 and\n2021\n \n \n \n \n \n \n \n \n Quarter Ended December 31,\n2022\n \n \n \n \n \n \n Quarter Ended December 31,\n2021\n \n \n \n \n \n \n \n \n Revenue\n \n \n \n \n \n $462,833\n \n \n \n \n $465,785\n \n \n \n \n \n \n \n Gross\n \n \n Profit\n \n \n \n \n \n 222,774\n \n \n \n \n 219,634\n \n \n \n \n \n \n \n Expenses\n \n \n \n \n \n 436,921\n \n \n \n \n 479,963\n \n \n \n \n \n \n \n Net\n \n \n Income\n \n \n (Loss)\n \n \n \n \n \n (234,955)\n \n \n \n \n (281,922)\n \n \n \n \n \n \n \n Adjusted\n \n \n EBITDA\n \n \n (1)\n \n \n \n \n \n (148,091)\n \n \n \n \n (206,996)\n \n \n \n \n \n \n \n Tariff\n \n \n Adjusted\n \n \n EBITDA\n \n \n (1).\n \...