Business
Operational Improvements Drive Tytan Cybernetics to Record Q2 2022 Results and 4th Consecutive Quarterly Profitability. With YTD Revenue Growth of 144% YoY, Tytan Reported YTD Net Income Growth of Over 1,330% YoY to $1.57 million.
Operational Improvements Drive Tytan Cybernetics to Record Q2 2022 Results and 4th Consecutive Quarterly Profitability. With YTD Revenue Growth of 144% YoY, Tytan Reported YTD Net Income Growth of Over 1,330% YoY to $1.57 million..
About this update from Video River Networks, Inc.
[{"type":"text","content":"\n TORRANCE, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Tytan Cybernetics/Video River Networks “the Company” (OTC: NIHK), an innovative holding company for electric vehicle technology, fintech, AI, robotics, drones, distressed assets, and business opportunities within the high growth, fintech, AI, health, sports and entertainment industries, reports fourth consecutive quarter of profitability. The Company also reported record second quarter 2022 results, leading to net income for the quarter of $0.97 million, impressive YTD revenue growth of 144.18% YoY to $9.87 million. YTD net income from operations exploded by 1,330.66% YoY to $1.57 million, driven by financial and operational improvements across all its lines of businesses. Management Commentary \"We continue to see financial and operational improvements, which allowed us to deliver another quarter of profitability,\" said Frank I Igwealor, President and CEO of Tytan Cybernetics, Inc. \"As we grow our business lines to unlock new growth avenues, our strategy to generate operational efficiencies is also taking hold, as reflected by our notable year-over-year and sequential improvements in Net Income during the quarter. We are pleased to see our financial engineering-based approach to enhancing our shareholders’ value take effect, which will allow us to have greater financial flexibility to conduct mergers and acquisition in the quarters ahead. I look forward to the remainder of 2022, which is shaping up to be a strong year for Tytan Cybernetics as we work diligently to generate long-term value for our stakeholders.\" First Quarter 2022 Financial Results Year-to-date revenues increased by 144.18% YoY to $9.87 Million.Net Income for the second quarter of 2022 increased significantly to $0.97 million, compared to -$296,070 in the same year-ago quarterGross profit in the second quarter of 2022 increased to a record $1.09 million, compared to -$218,424 in the same year-ago quarter.Earnings per Share (EPS) were $0.0053 in the second quarter of 2022, representing an improvement of 128.14% from the same year-ago quarter. The full text of the Company's Annual Report on Form 10-Q for the quarter ended June 30, 2022 was filed with the SEC on August 19, 2022 and can be found here. About Tytan Cybernetics, Inc. Tytan Cybernetics, Inc. is an innovative holding company for ele...