(Alliance News) - TrenDevice Spa reported Friday that it recorded a decline in revenues in the nine months but an increase in the third quarter and decisive increases in Ebitda in the same periods.

In detail, revenues fell to EUR12.8 million from EUR13.5 million in the nine months on a year-on-year basis but rose to EUR4.6 million from EUR3.9 million in the third quarter compared to the same period a year earlier.

Ebitda rose to EUR947,000 in the nine months and EUR301,000 in the third quarter from EUR194,000 and EUR188,000, respectively.

The strong growth in Ebitda, in continuity with what occurred in the first six months of the year, was due to three distinct factors: higher margins derived exclusively from direct sales on the website trendevice.com and from retail stores, thanks to the abandonment of foreign marketplaces; a cost-cutting operation initiated by management in the fourth quarter of 2022; and quarterly pro-rata extraordinary income related to operating grants from the Regione Campania's ReFive project in addition to deferrals linked to tax credits related to previous years, totaling EUR274,000, up 27% from EUR216,000 in the third quarter of 2022.

In the third quarter, there were an estimated 499 tons of CO2 not released into the environment, in line with 493 tons in the third quarter of 2022. In the first nine months, TrenDevice's environmental contribution was an estimated 1,434 tons of CO2 not released into the environment, down 8 percent from the same period in 2022, when CO2 savings were 1,562 tons.

Alessandro Palmisano, CEO and co-founder of TrenDevice, said, "The third quarter, in which the change of course on commercial channels initiated in 2022 continued, along with a cost cutting operation, continued to bring improvement on margins. As expected by management, the third trimester was also the first quarter of 2023 characterized by a double-digit revenue recovery compared to the same period in 2022. An even more important result considering that new smartphone sales, globally, contracted by 8 percent in the third quarter."

TrenDevice's stock closed Friday down 1.1 percent at EUR0.26 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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