Trakopolis IoT (TSXV:TRAK) has reported its financial results for the year ended December 31, 2016 and three months ended December 31, 2016.
As quoted in the press release:
Fourth Quarter highlights include:
- Revenue of $1.214 million, which represents a 8% increase over same quarter in 2016.The increase was mainly driven by growth in hardware sales through units deployed through a strategic partnership in gas detection integration.
- Adjusted EBITDA was negative $522 thousand for the quarter, this compared to negative $697 thousand from the same period in 2015, representing a 25% improvement.
- A net loss of $3.824 million was recorded for the quarter This is compared to $1.089 million from the same period in 2015. The net loss for the quarter included $3.285 million of transaction costs related to the reverse takeover of TSXV shell company of which $3.009 million was non-cash. The company anticipates its expenses will normalize in the coming quarters, as these costs are not expected to be recurring.
“Becoming a listed issuer over the last 6 months’ positions Trakopolis to initiate our growth plan,” stated Brent Moore, Chief Executive Officer of Trakopolis. “We also completed a small software acquisition, continued field testing of the exclusive Honeywell ConneXt Loneworker product and managed the subsequent hiring and onboarding of new staff. We are looking forward to our strategic efforts being reflected in our operating results in future quarters.”
Trakopolis’ 2016 fourth quarter and year end financial statements & management discussion have been posted to the Company’s website and can be accessed at http://trakopoliscorp.com/investors/. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.