- First quarter revenue of
$4.3 million in line with guidance; - Delivered 116 security scanning systems in the quarter;
- Registered gross margin of 33%;
- Industry leading features and technology are leading to a growing pipeline in new verticals such as the
U.S. Federal Government, prison networks and the global air cargo market; - Company on track for FY2022 revenue and gross margin guidance
- Company closes private placement for aggregate gross proceeds of
$2.36 million
"As discussed in our yearend results release last month, the weakness in our first quarter results was directly related to the impact of the Omicron variant and the resulting slower than expected recovery from the pandemic's fifth wave," commented Rory Olson, President and CEO of
For a discussion of risks related to the Covid-19 pandemic, please see VOTI`s MD&A filed today under VOTI`s profile at www.sedar.com
Financial Highlights
(Unaudited, all amounts are in Canadian dollars)
First Quarter Ended | 2022 | 2021 | Change |
Revenue | 4,284,856 | 6,324,215 | (2,039,359) |
Gross profit | 1,431,881 | 2,364,836 | (932,955) |
Gross margin* (%) | 33% | 37% | (4%) |
Net (loss) income | (1,190,502) | (1,130,531) | (59,971) |
Adjusted net (loss) income* | (1,498,137) | (867,194) | (630,943) |
Adjusted EBITDA* | (953,072) | 503,375 | (1,456,447) |
Cash from (used in) operating activities | (482,349) | 2,203,019 | (2,685,368) |
Revenue
Revenue for the three months ended
Gross Profit
Gross profit decreased to
Net Loss
Net loss increased to
Adjusted EBITDA*
Adjusted EBITDA decreased to a loss of (
Cash Flows
During the three months ended
First Quarter Fiscal 2022 Results Conference Call:
Details of the Conference Call
When:
Dial in number: (+1) 888 390 0546, (+1) 416 764 8688 or (+1) 514 225 6995
Conference call replay available until
Recording Playback Number: (+1) 888 390 0541
Playback passcode: 354538 #
To access the webcast, click on this link:
https://produceredition.webcasts.com/starthere.jsp?ei=1538986&tp_key=d71a67822b
The conference ID is 81354538.
A full version of
*Non-IFRS Financial Measures
Certain financial and non-financial measures included in this news release, including Adjusted EBITDA, Gross margin percent and Adjusted net loss, do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. The Company includes these measures because it believes they provide to certain investors a meaningful way of assessing financial performance. For a more complete description of these measures and a reconciliation of VOTI's non-IFRS financial measures to financial results, please see VOTI's Management Discussion and Analysis for the first quarter ended
VOTI's definition of the non-IFRS terms are as follows:
Gross margin percent is defined as Gross profit divided by Revenue.
Adjusted EBITDA is defined as net income or loss before net finance expenses, depreciation and amortization expense and income tax expense, share-based compensation expenses and items that Management believes do not necessarily arise as part of the Company's normal day-to-day operations and could distort the analysis of trends in business performance.
Adjusted net loss is defined as net loss adjusted for share-based compensation and items Management believes do not necessarily arise as part of the Company's normal day-to-day operations and could distort the analysis of trends in business performance.
About
Notice regarding forward-looking statements:
This release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") which the meaning of applicable securities laws. Forward-looking statements may relate to VOTI's financial outlook and anticipated events or results and may include information regarding VOTI's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding VOTI's expectations of future results, performance, achievements, prospects or opportunities or the markets in which it operates and the impact thereon of the ongoing COVID-19 pandemic declared by the
In some cases, when used in this release, the words ''may'', ''would'', ''could'', ''will'', ''intend'', ''plan'', ''anticipate'', "does not anticipate", ''believe'', ''seek'', ''propose'', ''estimate'', ''project'', ''expect", "does not expect", "forecasts", "projection", "prospects", "outlook", "targets", or similar expressions, variations of such terms or the negative of such terms are intended to identify forward- looking statements. Such forward-looking statements reflect VOTI's then current views with respect to future events based on certain material facts, assumptions, opinions and estimates in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors VOTI currently believes are appropriate and reasonable in the circumstances and as of the date such forward-looking statements are made. Despite a careful process to prepare and review the forward-looking statements, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. The forward- looking statements are based on certain key expectations and assumptions made by VOTI, including expectations and assumptions concerning availability of capital resources and ability to finance, business performance, market conditions, and customer demand. Although VOTI believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct.
Forward-looking statements are necessarily based on a number of opinions, estimates and assumptions that VOTI considered appropriate and reasonable as of the date such statements are made, are subject to certain known and unknown risks and uncertainties that may cause the actual results or events to differ materially from anticipated in such forward-looking statements, including without limitation risks regarding the threat detection technology industry, failure to obtain regulatory approvals, or changes in regulatory environment, economic factors, management's ability to manage and to operate the business of VOTI, the equity markets generally and risks associated with growth and competition, in addition to other risks identified in VOTI's most recently filed management's discussion and analysis and in other publicly filed documents under VOTI's profile at www.sedar.com as well as other unknown risks.
Many factors could cause VOTI's actual results, performance or achievements to vary from those described in this release, including without limitation those listed above, as well as the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this MD&A as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements should not be unduly relied upon. VOTI does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this release are expressly qualified by these cautionary statements. Forward-looking statements contained in this release about prospective results of operations, financial position or cash flows are based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that outlook information contained in this release should not be used for the purposes other than for which it is disclosed herein or therein, as the case may be. In addition, the current situation and future developments with respect to COVID-19 could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for VOTI's products, supply chain and availability of materials, mobility and shipping of materials and or products, access to debt and equity capital and other factors.
Neither
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