Novra Technologies, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2018. For the quarter, total revenue was CAD 1,594,000 against CAD 3,261,000 a year ago. Operating loss was CAD 824,000 against income of CAD 736,000 a year ago. Net loss as reported under IFRS was CAD 792,000 against income of CAD 640,000 a year ago. Adjusted LBITDA was CAD 592,000 against Adjusted EBITDA of CAD 851,000 a year ago.

For the six months, total revenue was CAD 3,666,000 against CAD 5,684,000 a year ago. Operating loss was CAD 1,643,000 against income of CAD 913,000 a year ago. Net loss as reported under IFRS was CAD 1,554,000 against income of CAD 882,000 a year ago. Adjusted LBITDA was CAD 1,178,000 against Adjusted EBITDA of CAD 1,114,000 a year ago. Total revenue decreased by 36% or CAD 2 million primarily due to fewer product shipments because of manufacturing lead-times and customer project schedules being delayed. The significant variances in financial highlights from those in 2017 were primarily driven by the inclusion of Wegener's operating results and the lumpy nature of products revenue.

Current year-to-date total revenue and bookings combined are approximately CAD 8.5 Million of which approximately CAD 5 million is expected to recognized in the second half of 2018, along with new orders that the company is expecting in the second half of 2018. The company's on-going integration and cost rationalization initiatives are beginning to have material impacts that will reduce operating expenses going forward. This coupled with the strong backlog positions the company well for a strong and profitable second half of the year.