Business
Telescope Innovations Delivers Continued Profitability in Fiscal Quarter 3, 2023
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2023) - Telescope Innovations Corp. (CSE:...
About this update from Telescope Innovations Corp
[{"type":"text","content":"Telescope Innovations Delivers Continued Profitability in Fiscal Quarter 3, 2023Vancouver, British Columbia--(Newsfile Corp. - June 29, 2023) - Telescope Innovations Corp. (CSE: TELI) (OTCQB: TELIF) (\"Telescope\" or the \"Company\"), a leading developer of advanced technologies and services for the global pharmaceutical and chemical industries, reports financial results for the third fiscal quarter ended May 31, 2023. Telescope is pleased to report solid growth in revenues since Q4, 2022 (Figure 1). The Company generated revenues of $1.01M and a net income of $67,847 in Q3, 2023, representing an increase of 500% in net income over the previous quarter.  Figure 1. Revenue and net income chart for fiscal year 2022 and 2023 to date.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8923/171751_4ca54a646434ca04_001full.jpgHIGHLIGHTS OF THE THIRD QUARTER OF 2023 ENDED MAY 31, 2023All values are represented in CAD.Revenues of $1,012,999: a 24% increase over Q2Net income of $67,847: a 500% increase over Q2Working capital of $1,493,942: a 12% increase over Q2Cash on hand of $275,796Total assets of $3,244,904The cash on hand reported for this quarter was impacted by a significant rent prepayment for new lab facilities that Telescope will occupy in the fall of 2023. This investment is intended to accommodate the company's growth, providing an 8x increase in laboratory and office space, with facilities specifically designed for chemical technology development at a premium location in Vancouver, BC. Telescope expects this updated laboratory space to provide higher visibility for the company, help attract top technical talent, and enable the expansion of revenue-generating activities in research and product sales.\"Not only are we delivering another profitable quarter, but we've also crossed a key entrepreneurial milestone by generating a quarterly revenue of $1,000,000,\" said Dr. Jeffrey Sherman, Chief Operating Officer of Telescope. \"We are also excited to expand our operational capacity in the fall with new office, manufacturing, and lab facilities. This will allow us to serve the increased demand from our clients and partners in the pharmaceutical and battery materials industries.\"The Company also announces that it has canceled an aggregate of 1,000,000 incentive stock options previou...