The Company's financial statements for the three and six months ended
"We have been experiencing an abundance of contracts and purchase orders from major telecoms, OEMs and turf venders, and our focus remains on scaling our business through additional crew counts in order to address the high demand of work we are experiencing," said
- Total Revenue increased by 55% to
$363K in Q2 2022 compared to$234K in Q2 2021. - Cost of Sales decreased by 21% to
$164K in Q2 2022 compared to$207K in Q2 2021. - Gross Profit was
$199K in Q2 2022 compared to$27K in Q2 2021, an increase of$172K . - Total comprehensive loss for Q2 2022 was
$(716K) compared to comprehensive loss of$(568K) in Q2 2021. - As of
June 30, 2022 , the Company had cash and cash equivalents of$0.3 million , compared to$0.1 million as ofDecember 31, 2021 .
- Total Revenue increased by 28% to
$788K in the first half of 2022 compared to$617K in the same period for 2021. - Cost of Sales decreased by 3% to
$370K in the first half of 2022 compared to$382K in the same period in 2021. - Gross Profit increased by 78% to
$418K in the first half of 2022 compared to$235K in the same period in 2021. - Total comprehensive loss for the first half of 2022 was
$(2.9) million compared to comprehensive loss of$(380K) in the same period in 2021. The loss in the first half of the year was mainly attributed to the one-time going public costs the Company incurred from the first quarter of 2022.
During the quarter, the Company:
- Won additional new site builds from the largest national owned and operated tower company in the
U.S. - Signed a Master Service Agreement with one of the largest owned and operated tower companies in the world providing the Company with an opportunity to support this customer in the
Kentucky andTennessee markets.
Subsequent to the quarter, as announced on
The Company, through its wholly owned subsidiary,
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, are intended to identify forward-looking information, including, without limitation: the Company's second half of the year being stronger than its first half; and the Company potentially providing services under the Master Service Agreement. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the Company having the capital and access to labor required for growth. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: risks associated with existing, new or changing governmental regulations; ability of the Company to obtain and maintain necessary permits, licenses and approvals; ability of the Company to obtain debt or equity financing to support its operations; availability of funds and re-sources to pursue operations; risks associated with debt; potential liability for actions of employees, con-tractors and consultants; competition; the ability to implement business strategies and pursue business opportunities; ability to retain and attract customers; estimation and assumption of costs associated with providing services under master service agreements; credit risk; seasonality of demand for the Company's services; variability of operating costs, including fuel, equipment and contractors; risks associated with failure to comply with applicable regulations; hazards and liability associated with the Company's operations; ability to recruit and retain employees and contractors; changes in the telecommunications industry and the Company's ability to adapt; lack of sufficient insurance coverage; risks inherent in use and retention of subcontractors; market fluctuations (including equity, commodity, foreign exchange and interest rate); liquidity risk; reputational risk; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities and to attract, develop and retain key executives; cyber, privacy and information technology-related risks; counter-party risks; risks related to pandemics and endemics, including COVID-19; the occurrence of natural and unnatural catastrophic events and claims or disruptions resulting from such events; litigation risks; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of
SOURCE
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