PIONEERING TECHNOLOGY CORP. (via TheNewswire)
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Financial Highlights:
RevenueinQ2 was
$523,628 versus$713,811 for the same period a year ago.Revenue for the first six-months of fiscal 2024 was
$1,177,289 versus$1,176,644 in fiscal 2023.Gross margins for the first 6 months were better at 54% compared to 46% last year.
Expensesduring the six-month periodincreased to
$1,198,225 versus$774,908 a year ago. This increase in expenses is attributed to the reversal of a general administration expense in the amount of$202,126 in Q2 2023 and an investment in sales and marketing in 2024 year to date to pre-pandemic spending levels.Net loss for Q2 was
$(347,380) versusalossof$5,916 a year ago and EBITDA decreased to$(279,975) versus$88,555 during the same period last year.The Company has current assets of approximately
$2.5 million .
Selected Financial Results for the
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||
Revenue | 523,628 | 713,811 | 1,177,289 | 1,176,644 | |
Gross Profit | 253,096 | 323,097 | 638,369 | 545,872 | |
Expenses² | 592,381 | 297,101 | 1,191,088 | 734,021 | |
Net Income (Loss) | (347,380) | 5,916 | (559,856) | (229,036) | |
EPS Basic (Loss) | ( | ( | |||
Adjusted EBITDA¹ | (279,975) | 88,555 | (438,405) | (59,534) | |
Tariff Adjusted EBITDA¹ | (252,209) | 148,506 | (370,406) | 25,296 |
¹Adjusted EBITDA & Tariff Adjusted EBITDA are non-IFRS measures and may not be comparable to similar financial measures disclosed by other issuers. Please refer to “Non-IFRS Measures” at end of this press release.
² Expenses in Q2 2023 include a reversal of a previous G&A expense of
Pioneering CEO
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About
For more information please contact:
Phone: 647-945-7515
Email: kcallahan@pioneeringtech.com
Forward Looking Statements
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in Pioneering’s target markets, the demand for Pioneering’s products, the availability of funding and the efficacy of Pioneering’s technology, governmental regulation and the impact of the COVID-19 pandemic. These forward- looking statements are made as of the date hereof and, except as required by applicable law, Pioneering does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Pioneering’s expectations and projections.
Non-IFRS Measures
Adjusted EBITDA is a measure not recognized under International Financial Reporting Standards (“IFRS”). However, management of Pioneering believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based compensation, restructuring costs included in general and administration expense, fair value movement – derivative liability and other non-recurring gains or losses including transaction costs related to acquisition. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. Adjusted EBITDA does not have any standard meanings prescribed by IFRS and therefore, may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to Pioneering’s Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Pioneering posted on SEDAR (www.sedar.com). For a reconciliation of Adjusted EBITDA as presented by Pioneering to net income, please refer to Pioneering’s management’s discussion and analysis.
Tariff Adjusted EBITDA, defined as Adjusted EBITDA adjusted for tariff and tariff related costs, is used by management to measure operating performance of the Company and is a supplement to our unaudited condensed interim financial statements presented in accordance with IFRS. Tariff Adjusted EBITDA is a helpful measure of operating performance, similar to Adjusted EBITDA, enabling management and investors to gain a clearer understanding of the underlying financial performance of the Company without the impact of
While management considers Tariff Adjusted EBITDA a meaningful measure for assessing the underlying financial performance of the Company, Tariff Adjusted EBITDA is a non-IFRS measure and does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned that Tariff Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Pioneering’s Tariff Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Pioneering posted on SEDAR (www.sedar.com). For a reconciliation of Tariff Adjusted EBITDA as presented by Pioneering to net income, please refer to Pioneering’s management’s discussion and analysis.
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