Year-over-year revenues dropped by 22 percent to C$6.4 million for the nano-optic security company in 2019.
Nanotech Security (TSXV:NTS), cybersecurity firm announced its fiscal 2019 earnings, reporting a 22 percent decline in revenues to C$6.4 million compared to 2018. This was coupled with a rise in adjusted earnings before interest, tax, depreciation and amortization, more than doubling to C$198,000 compared the same time period last year.
As quoted in the press release:
“In 2019 we achieved several significant strategic goals as we transitioned to a product-based strategy,” said President and CEO Troy Bullock. “We began building our sales team, developed new products that are gaining traction and expanded sales of our existing products, while continuing to advance the new banknote security feature for our contract services central bank customer. Looking ahead to 2020, we are poised for revenue growth while we continue to advance our growth and commercialization strategies.”
Report on 2019 Strategic Initiatives
In 2019, the Company shifted its focus to near-term revenue growth by commercializing its technology into products specifically designed for the banknote and secure document market and for the brand protection market. The Company expanded its sales and marketing team with the addition of experienced sales leaders to pursue near-term revenue opportunities in both of its key markets.