Business
Zedcor Inc. Announces Third Quarter Results for 2023 With Increase in Year Over Year Revenue and $2.3 Million of Adjusted EBITDA
Calgary, Alberta--(Newsfile Corp. - November 16, 2023) - Zedcor Inc. (TSXV: ZDC) (the "Company") ...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Third Quarter Results for 2023 With Increase in Year Over Year Revenue and $2.3 Million of Adjusted EBITDACalgary, Alberta--(Newsfile Corp. - November 16, 2023) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three months and nine months ended September 30, 2023.Q3 2023 revenues were $6.4 million, the Company had adjusted EBITDA of $2.3 million and net income before income taxes of $288. This represented an 11% increase in revenues compared to Q3 2022. During the quarter, the Company has allocated approximately 33% of its MobileyeZ security tower fleet to Ontario. These towers are being utilized at construction and automotive customer sites. Zedcor has continued to allocate security towers to Eastern Canada as it expands its service capabilities in the region.Todd Ziniuk, President & CEO said: \"We continue to diversify our customers and add new customers across Canada. We have also expanded to the United States which will further expand our assembly capabilities and also allow us to get access to a large market. We are planning to exit 2023 with approximately 45 security towers in the US while continuing to expand in Canada, with a focus on Eastern Canada. We are also seeing demand for our services across different industry verticals, with a focus on the retail sector where we believe there is a large opportunity for disruption. In April, we launched a pilot project with a large home improvement retailer and were successfully award a multiyear contract with them to provide MobileyeZ at multiple locations and distribution centers across Canada. Adding this prominent, large scale client shows the value that Zedcor is able to deliver to customers. Our team has also done an exceptional job redeploying MobileyeZ returned from our largest customer as their project ended. This has de-risked and further diversified our revenue streams.\" Financial and Operating Results for the three months and six months ended September 30, 2023:Three months ended September 30Nine months ended September 30 (in $000s)2023202220232022 Revenue6,4315,79519,09015,682EBITDA22,0442,0908,0295,941Adjusted EBITDA1,22,2852,1216,2445,188Adjusted EBIT1,27281,2552,5052,782Net income 2889663,5122,922Net income per share      Basic0.000.010.050.04 Diluted0.0...