Business
Pioneering Technology Reports 2024 Q3 Financial Results
(TheNewswire) Mississauga, ON – TheNewswire - (August 29, 2024) ...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Reports 2024 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\n Mississauga,\n \n\n ON –\n \n\n TheNewswire -\n \n\n (August 29,\n \n\n 2024)\n \n – Pioneering Technology\nCorp. (\n \n TSXV:\n \n\n 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 three\nand nine-months ended June 30, 2024. 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 www.sedarplus.com\n \n ).\n \n\n\n\n\n\n Financial Highlights:\n \n\n\n\n RevenueinQ3 was $890,214 versus$1,012,406 for the same period a year\nago.\n \n\n\n\n\n Revenue for the first nine-months\n \n of fiscal 2024\nwas $2,067,475 versus $2,189,050 in the same period of fiscal 2023.\n \n\n\n\n Gross margin for the first nine-months of fiscal 2024 was 50% as\ncompared to 48% in the same period of fiscal 2023.\n \n\n\n\n Expenses\n \n during the nine-month period\n \n increased\nto\n \n $1,674,167 versus $1,307,719\n \n a year ago. This\nwas due to a reversal of a general\n \n administration\nexpense in the amount of $202,126 in Q2 2023 and an investment in\nsales and marketing in the first half of 2024 to pre-pandemic spending\nlevels. More recently, the Company has begun to reduce its sales and\nmarketing spending, the impact of which will become more evident in Q4\nand going forward.\n \n\n\n\n\n Net loss for Q3 was $131,640 a decrease versus a loss of $197,190 in\nQ3 of 2023. Net loss for the nine-month period was $691,841\nversusalossof$426,225 in the same period a year ago.\n \n\n\n\n EBITDA in Q3 decreased to $(518,773) versus ($66,779) during the same\nperiod last year.\n \n\n\n\n The Company has current assets of approximately $2.7 million.\n \n\n\n\n\n\n\n Selected Financial Results for the Third Quarter & Nine-months\nEnded June 30, 2024 & 2023:\n \n\n\n\n\n\n\n\n\n Three Months\n \n\n\n\n Ended June 30, 2024\n \n\n\n\n\n\n Three Months\n \n\n\n\n Ended June 30, 2023\n \n\n\n\n\n\n\n\n Nine Months\n \n\n\n\n Ended June 30, 2024\n \n\n\n\n\n\n Nine Months\n \n\n\n\n Ended June 30, 2...