Business
Zedcor Inc. Announces Second Quarter Results for 2024, Including Record Revenues and Record Adjusted EBITDA of $2.7 Million
Calgary, Alberta--(Newsfile Corp. - August 13, 2024) - Zedcor Inc. (TSXV: ZDC) ("Zedcor" or the "...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Second Quarter Results for 2024, Including Record Revenues and Record Adjusted EBITDA of $2.7 MillionCalgary, Alberta--(Newsfile Corp. - August 13, 2024) - Zedcor Inc. (TSXV: ZDC) (\"Zedcor\" or the \"Company\") today announced its financial and operating results for the three and six months ended June 30, 2024. Highlights include:Record quarterly revenue of $7.4 million, representing an increase of 20% quarter-over-quarterRecord quarterly Adjusted EBITDA of $2.7 million, representing 37% of revenue and an increase of 42% quarter-over-quarterDeployed 178 MobileyeZTM security towers throughout North America while realizing total fleet utilization rate above 90% for the quarter, including a near 100% utilization rate in the United StatesStarting to build a backlog of demand and expanding the Company's platform to support a growing customer base in both Canada and the United StatesZedcor generated revenues of $7.4 million and $13.5 million for the three and six months ended June 30, 2024, respectively, and Adjusted EBITDA of $2.7 million and $4.6 million. Revenue and Adjusted EBITDA generated in the quarter were both record highs for the Company. The previous record high in quarterly revenue was $6.4 million, exceeded by $0.9M in Q2 2024. Zedcor's previous high mark in terms of Adjusted EBITDA was $2.4 million, which Q2 2024 Adjusted EBITDA of $2.7 million exceeded by $0.3 million.Furthermore, the Company successfully continued its customer diversification and revenue growth efforts during the quarter, which was reflected in the revenue and Adjusted EBITDA results. Zedcor generated record daily revenues from its fleet of MobileyeZTM security towers while successfully deploying 178 new MobileyeZTM towers throughout North America, with a focus on Texas, during the quarter. Notably, fleet-wide MobileyeZTM utilization rate exceeded 90% for the quarter.The United States accounted for more than 10% of the Company's second quarter revenue. The utilization rate for the fleet of security towers in the USA is near 100% capacity and the Company is starting to build a backlog of demand at its Houston service center. In addition, the Company has expanded its service offering throughout the state of Texas and into Colorado. In Canada, Zedcor continued to experience revenue growth and strong utilization rates during the quar...