Kontrol Technologies (CSE: KNR) this morning released a corporate update of sorts for investors. Included within was guidance figures for 2021, as well as preliminary unaudited financing results for fiscal year 2020.
For fiscal year 2021, the company provided guidance for revenues of $33 million to $35 million, as compared to unaudited revenue of $13 million for 2020. The company indicated that the lower figure for 2020 is a result of COVID-19 deferring capital projects, with customers pushing those projects to the current fiscal year.
Adjusted EBITDA guidance was also provided, with the company anticipating a figure “in the range of” $3.7 million for 2021, while adjusted EBITDA for fiscal year 2020 is currently estimated at $2.0 million. Total revenue mix is anticipated to see 70% of sales come from the firms core business while 30% comes from BioCloud.
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Notably, revenues for 2020 were initially guided to be between $32 million and $35 million, while adjusted EBITDA was expected to be between $3.0 and $3.7 million. However, guidance was retracted by the company for the year following second quarter results.
The company also revealed that as of March 31, it has seen roughly $4.0 million in convertible debt converted to equity, with $795,000 of outstanding debentures remaining. The company currently anticipates the remaining outstanding debentures will be converted this year. Meanwhile, certain vendor hold backs have reportedly been settled via equity issuances and cash payments, with no further details provided. The firms current cash position was not disclosed.
Kontrol Technologies last traded at $2.94 on the CSE.
Information for this briefing was found via Sedar and Kontrol Energy Systems. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
