Kontrol Technologies Reveals First Quarter 2024 Financial Performance

Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) has released its financial results for the first quarter of 2024, showing significant improvements in key metrics. The company reported income from continuing operations of $533,487 for the three months ended March 31, 2024, compared to a loss of $(469,463) for the same period in the prior year. Adjusted EBITDA from continuing operations also saw a substantial increase, reaching $966,489 compared to $621,117 in the previous year.

Gross margin for the first quarter of 2024 was reported at 62%, up from 59% in the same quarter of the prior year. Additionally, cash flows from operating activities were positive at $443,808 for the three months ended March 31, 2024, compared to cash flows used in operating activities of $507,538 for the same period in the prior year.

The company’s CEO, Paul Ghezzi, highlighted the focus on growing recurring revenues and high-margin building services as key drivers of the improved financial performance. Kontrol Technologies also completed the sale of its operating subsidiary ORTECH, receiving cash proceeds of $5.8 million in the first quarter of 2024.

Overall, the first quarter of 2024 was marked by strong financial results and a strategic shift towards strengthening the company’s financial position. Kontrol Technologies Corp. continues to lead in smart buildings and cities through IoT, Cloud, and SaaS technology, driving innovation and sustainability in the industry.