PIONEERING TECHNOLOGY CORP. (via TheNewswire)
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Mississauga, ON –TheNewswire --
Financial Highlights:
Revenueinfiscal2023 was
$2,872,013 versus$2,437,866 in fiscal 2022, an increase of 18%, and revenue for the three months ended September 30th was$682,964 versus$542,574 in 2022, an increase of 26%. The Company’s revenue is once again growing with the pandemic behind us and investments being made in sales and marketing.Gross margin in fiscal 2023 declined to 47% versus 50% in fiscal 2022. This is as a result of the Company selling some now obsolete product at a discount. The Company continues to take steps to improve gross margins with its main product offerings.
Expensesin fiscal 2023 were
$1,982,744 (an increase of 12.6% or$221,674 ) versus$1,761,070 in fiscal 2022. Despite this increase, the Company continues to control its costs and expenses remain 26% lower than fiscal 2021 ($2,693,125 ), and 43% lower than in fiscal 2020 ($3,465,566 ). The increase in fiscal 2023 was mainly due to foreign exchange costs as a result of theU.S. dollar weakening during the year and increased investments in sales and marketing resources, which were partially offset by lower general and administration costs.Loss for the year increased to
$671,813 versusalossof$625,233 in fiscal 2022.Loss of
$0.01 per share in fiscal 2023, compared to a loss of$0.01 per share in fiscal 2022.The balance sheet remains strong with
$0.75M in cash and$2.5M in net working capital.
Selected Financial Results – Past Four Fiscal Years Ended
FY2023 (audited) | FY2022 (audited) | FY2021 (audited) | FY2020 (audited) | |
Revenue | 2,872,013 | 2,437,866 | 3,351,014 | 6,540,550 |
Gross Profit | 1,339,320 | 1,218,387 | 1,458,495 | 2,674,008 |
Expenses | 1,982,744 | 1,761,070 | 2,693,125 | 3,465,566 |
Net Loss | (671,813) | (625,233) | (1,315,955) | (883,267) |
EPS Basic (Loss) | (0.01) | (0.01) | (0.03) | (0.02) |
Adjusted EBITDA¹ | (537,407) | (273,913) | (1,053,904) | (352,862) |
Tariff Adjusted EBITDA¹ | (452,577) | (122,950) | (838,416) | 163,777 |
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.
Pioneering CEO
About
For more information please contact:
CEO
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
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