Business
Pioneering Technology Reports Fiscal Year 2021 Financial Results
(TheNewswire) Mississauga, ON – TheNewswire - Januar...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Reports Fiscal Year 2021 Financial Results\n \n \n (TheNewswire)\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 January\n \n \n 28,\n \n \n 2022\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 audited 2021 financial results for the\nfiscal year ended September 30, 2021. Pioneering’s audited financial\nstatements and MD&A are available on SEDAR (\n \n \n www.sedar.com\n \n \n ).\n \n \n \n \n Selected Financial Information for the\nTwelve Months Ended September 30, 2021\n \n \n \n \n Revenue\n \n in 2021\n \n was$3,351,014,versus\n$6,540,550 in 2020. The Company’s revenue has been adversely\naffected by the impact of COVID-19 since Q3 of fiscal 2020.\n \n \n \n \n Gross margin in 2021 was 44% versus 41% in 2020. The Company has\nbeen taking steps over the past year to improve gross margins (related\nto cost increases and tariffs) and believes that due to recent/ongoing\ninitiatives these margins will continue to improve in 2022.\n \n \n \n \n Expensesin2021were\n \n (\n \n $2,693,125),adecreaseof22%versus2020 ($3,465,566) and a\ndecrease of 56% versus 2018 ($6,072,092). The Company intends to\ncontinue to manage its costs carefully and in an appropriate manner\nrelative to industry conditions.\n \n \n \n \n Lossfortheyearwas$1,315,955 versusalossof$883,267 infiscal 2020.\n \n \n \n \n Loss of$0.02persharein2021, the same amount as in 2020 despite\nsignificantly lower revenue.\n \n \n \n \n Balance sheet remains strong with $1.5Mincash\n \n ,\n \n $2.8Minaccountsreceivableandinventory.\n \n \n \n \n Revenue continued to decrease in 2021 due to the impact of COVID-19 on\ncustomer orders and shipments.    The Company continues to work hard\nto overcome\n \n these\n \n recent challenges and believes\nthat its current strategic plan, together with a continued return\ntowards pre-pandemic business conditions, will help position it for\nfuture growth.\n \n \n \n \n Selected Financial Results - Past Four\nFiscal Years Ended September 30\n \n \n \n \n \n \n \n FY2021\n \n \n (audited)\n \n \n \n \n FY2020\n \n \n (a...