Business
Pioneering Technology Reports 2023 Q3 Financial Results
(TheNewswire) Mississauga, ON – TheNewswire - August 29 , 202 3 ...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Reports 2023 Q3 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 Mississauga, ON –\n \n \n TheNewswire -\n \n \n August\n \n \n 29\n \n \n ,\n202\n \n \n 3\n \n \n )\n \n \n – Pioneering\nTechnology Corp. (\n \n \n TSXV:PTE\n \n \n ) (“\n \n \n Pioneering\n \n \n ” or\n \n \n the\n \n \n “\n \n \n Company\n \n \n ”), a\ntechnology company and North America’s leader in cooking fire\nprevention technology and products\n \n \n reports\n \n \n its\n \n \n unaudited\n \n \n financial\n \n \n results\n \n \n for\n \n \n the\n \n \n three and\n \n \n nine months\n \n \n ended\n \n \n June 30\n \n \n ,\n \n \n 20\n \n \n 23\n \n \n .\n \n \n Pioneering’s unaudited condensed interim financial\nstatements and MD&A are available on SEDAR\n \n \n (\n \n \n \n www.sedarplus.com\n \n \n \n ).\n \n \n \n \n \n \n Financial\n \n \n Highlights:\n \n \n \n \n \n RevenueinQ3 was $1,012,406 versus$619,161 for the same period a year\nago.\n \n \n \n \n \n Revenue for the first nine-months\n \n of fiscal 2023\nwas $2,189,050 versus $1,895,292 in fiscal 2022.\n \n \n \n \n Gross margins during Q3 were better at 50.3% compared to 47.6% last\nyear. Gross margins during the nine-month period were better at 48.2%\ncompared to 47.5% last year.\n \n \n \n \n Expenses\n \n during the nine-month period\n \n increased\nto\n \n $1,421,582 versus $1,309,237\n \n a year ago, an\nincrease of 8.6%.  Year-to-date,\n \n administration\nexpenses in the amount of $202,126 incurred in previous periods were\nreversed resulting in reduced expenses during the period.  However,\nthis was offset by increased foreign exchange losses of $30,449 in the\ncurrent year versus a gain of $86,326 in the same period a year\nearlier.  This was also offset by $162,169 of rent and wage subsidies\nreceived in the nine months ended June 30, 2022 that were not received\nthis year.  Additionally, we have invested in sales and marketing\nexpenses to increase sales.  For the nine months ended June 30, 2023\nthese expenses were $540,684 versus $504,812 a year earlier, resulting\nin an increase of $35,872.  Lastly,\n \n stock options issued to\nkey people (a non-cash item...