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Zedcor Inc. Announces Fourth Quarter Results for 2024, Diversification of Revenue and Continued USA Expansion
Calgary, Alberta--(Newsfile Corp. - April 10, 2024) - Zedcor Inc. (TSXV: ZDC) (the "Company") tod...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Fourth Quarter Results for 2024, Diversification of Revenue and Continued USA ExpansionCalgary, Alberta--(Newsfile Corp. - April 10, 2024) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three months and twelve months ended December 31, 2023.Q4 2023 revenues were $5.8 million and the Company generated adjusted EBITDA of $1.4 million. The Company's two large pipeline security projects concluded in the fourth quarter of 2023 and the Company was able to diversify its customer base as a result by adding over 190 customers. Furthermore, the Company's revenue base is now largely diversified across customers and geographies. Subsequent to the end of the year, utilization rates have reached 90% and daily revenues are at comparable levels to when the two pipelines projects were active. March 2024 was one of Zedcor's most active months ever and the Company expects to achieve record monthly revenue from its MobileyeZTM security tower fleet.During the quarter, the Company had approximately 40% of its MobileyeZ security tower fleet in Ontario. In addition, the Company exited 2023 with 50 towers at its Houston equipment and service center which has subsequently increased to 72. These security towers have reached 100% utilization and the Company is starting to build a backlog of demand at its Houston service center. The fleet is fully deployed across a number of different customers, including the largest home builder in the US, general contractors in Texas and two Canadian customers who have USA based operations.US Operations and Manufacturing Update:Zedcor's MobileyeZTM manufacturing operations are starting to ramp up. We are on track to complete 20 Solar Electric MobileyeZTM security towers in April and intend to streamline our manufacturing in order to build 50 or more security towers a month starting in Q3 2024. The Company anticipates bringing the total US fleet to 400 or more security towers by the end of 2024.Zedcor's Solar Electric MobileyeZTM will be a fully standalone security tower with battery backup. It can also be plugged in to power in winter months if there is not enough sunlight. This is an innovative security tower and first of its kind in the North American market with dual power capabilities, allowing it to function in any environment across the U...