NCI:CC - NTG Clarity Announces the Highest Second Quarter Revenue of $6.36M
(TheNewswire)
Toronto, ON - TheNewswire - August 2, 2023 - NTG ClarityNetworks Inc. (TSX.V:NCI) , announces itssecond quarter results for the period ended June 30, 2023 (all figuresin Canadian Dollars).
NTG’s continued hard work and dedication resulted inQ2 2023 being the highest single quarter revenue at $6.37M. Revenuesfor Q2 2023 were up 87% compared to Q2 in 2022. and we continued to beprofitable for the quarter, despite significant currency devaluationchallenges in Egypt.
Our gross margin for this quarter was 38% and theincome from operations was $2,426,102. We expect these strongquarterly results to continue in 2023 due to the new contractspreviously announced and the renewal of existing contracts.
Professional service revenue continues to be animportant strategic source of revenue for us, given its generallyrecurring nature (84%). The contribution of product-related revenuewas 16% in Q2 2023. We continue to focus on promoting and expandingour product offerings and our outsourcing/offshoring services.
Working capital continues to improve with June 30, 2023being a deficit of $3,181,771 compared to a deficit of $3,557,883 atDecember 31, 2022.
Incomestatement highlights for the three and six months ended June 30, 2023and 2022
Balance Sheet Highlights for the six months ended June 30, 2023 andDecember 31, 2022
Outlook
KSA’s robust economy, due in large part to strong oilprices, continues to show increasing demand for our products andservices. Customers recognize our quality of work and track record,resulting in large increases in the volume of work from our majorcustomers and expansion into several new customers.
We now have more customers making use of the technical,IT and professional services we offer through our Egypt OffshoreCentre. This centre is growing fast and we aim to make it one of theleading offshore centres in the region. We are excited about theincreasing demand for this offering model as we expand our businessinto new verticals that include government and financialsectors.
Trade shows and demos have provided the opportunity topresent our software product; NTGapps digital toolbox. Our dedicatedteam of sales personnel are targeting new customers in KSA,specifically small and medium enterprises (SME) across multipleverticals that include the medical sectors and the food industry, inaddition to the telecom and financial sectors. We anticipate the salesof NTGapps to increase significantly in 2023. For more information,visit www.ntgapps.com .
About NTG Clarity NetworksInc.
NTG Clarity Networks’ vision is to be a global leaderin providing networking solutions. As a Canadian company established30 years ago in 1992, NTG Clarity has delivered networking, IT andnetwork enabled application software solutions to network serviceproviders and large enterprises. More than 500 network professionalsprovide design, engineering, implementation, software development andsecurity expertise to the industry’s leading network serviceproviders and enterprises.
Forward Looking Information
Certain statements in this release, other thanstatements of historical fact, are forward looking information thatinvolves various risks and uncertainties. Such statements relating to,among other things, the prospects for the company to enhance operatingresults, are necessarily subject to risks and uncertainties, some ofwhich are significant in scope and nature.
These uncertainties may cause actual results to differfrom information contained herein. There can be no assurance that suchstatements will prove to be accurate. Actual results and future eventscould differ materially from those anticipated in such statements.These and all subsequent written and oral forward-looking statementsare based on the estimates and opinions of the management on the datesthey are made and expressly qualified in their entirety by thisnotice. The Company assumes no obligation to update forward lookingstatements should circumstances or management's estimates or opinionschange.
The TSX Venture Exchange does not accept responsibilityfor the adequacy or accuracy of this release.
For Further Information:
Kristine Lewis, President, NTG Clarity NetworksInc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: klewis@ntgclarity.com
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