VIS:CC - Visionstate Reports Q2 Showing Steady Growth
(TheNewswire)
Edmonton, Alberta – TheNewswire - May 29, 2024 – Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”), a leading provider of smart facility managementsolutions, today announced its financial results for the secondquarter ended March 31, 2024. The company’s performance during thisperiod reflects remarkable growth and strategic focus on optimizingoperations.
Key Highlights:
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Revenue Surge :Gross revenues for the three months ending March 31, 2024, increasedby $96,978 , reaching$ 190,300 or an increase of approximately 100%year over year . Over the six-month period of thefirst two fiscal quarters for this year, revenues increased by $279,585 ,totaling $384,652. Thisgrowth can be attributed to increased sales volumes and the successfulrenewal of most prior-year facility licenses.
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Expense Reduction : Selling, general, and administrative expenses experienced asignificant decline. For the three-month period ending March 31, 2024,Company expenses dropped almost in half from $132,822 to $72,708.
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High Gross Margins : Visionstate’s gross margin percentage remains robust,consistently in the high seventies. This achievement is largely due tothe effective management of costs and the strategic distributionpartnership which provides Visionstate a commission-based salesstructure.
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Overall Performance : The Company showed a loss of approximately $60,000 duringthe second fiscal quarter as opposed to a loss of approximately$190,00 for the same quarter in 2023.
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Wanda Product Expansion : In fiscal year 2023, Visionstate focused on enhancing thecapabilities of its flagship product, Wanda. The investment in productdevelopment paid off, resulting in expanded market reach. Existingcustomers have embraced Wanda’s features, and the companysuccessfully penetrated new locations.
“Our Q2 results demonstrate the power of innovationand strategic execution,” explained Visionstate IoT Inc. PresidentShannon Moore. “We are thrilled by the substantial increase inrevenue and the disciplined cost management. Our Wanda productcontinues to evolve, addressing critical needs in facility management.As we farm existing customer relationships and explore new markets, weremain committed to driving value for our clients.”
Visionstate’s sustained growth underscores itscommitment to cutting-edge technology and customer satisfaction. TheCompany’s IoT products, coupled with recurring licensing andsoftware support fees, position it for continued success as salesvolumes expand. The Company is developing new applications thatcompliment Wanda and can be marketed to exiting clients as well.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-orientedcompany that invests in the research and development of promising newtechnology in the realm of the Internet of Things, big data andanalytics, and sustainability. Visionstate IoTInc. is a wholly owned division of Visionstate Corp. Through Visionstate IoT Inc., it helps businesses improveoperational efficiencies, reduce costs, and elevate customersatisfaction with its state-of-the-art devices that track and monitorguest activities and requests. The footprint of its WANDA™ smartdevice now extends to hospitals, airports, shopping centres, and otherpublic facilities across and beyond North America. Through building upa collection of synergistic technologies, Visionstate Corp. willcontinue to innovate, reduce environmental impact and transformconsumer experiences. As an equity partner inSol Spaces, Visionstate Corp. holds approximately 40% ownership in thecompany, reaffirming its commitment to drivingsocial impact and sustainable development through its investmentportfolio.
Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.
To learn more, please contact:
Visionstate IoT Inc.
Shannon Moore, President
Email: shannon@visionstate.com
Tel: 780-425-9460
CHF Capital Markets
Kathy Chapman
Email: kc@chfir.com
Tel: 416-868-1079 x 234
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Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Forward-Looking Statements
Certain information set forth in this material maycontain forward-looking statements that involve substantial known andunknown risks and uncertainties. All statements other than statementsof historical fact are forward-looking statements, including, withoutlimitation, statements regarding future financial position, businessstrategy, use of proceeds, corporate vision, proposed acquisitions,partnerships, joint-ventures and strategic alliances andco-operations, budgets, cost and plans and objectives of or involvingthe Company. Such forward-looking information reflects management'scurrent beliefs and is based on information currently available tomanagement. Often, but not always, forward-looking statements can beidentified by the use of words such as "plans","expects", "is expected", "budget","scheduled", "estimates", "forecasts","predicts", "intends", "targets","aims", "anticipates" or "believes" orvariations (including negative variations) of such words and phrasesor may be identified by statements to the effect that certain actions"may", "could", "should","would", "might" or "will" be taken,occur or be achieved. A number of known and unknown risks,uncertainties and other factors may cause the actual results orperformance to materially differ from any future results orperformance expressed or implied by the forward-looking information.These forward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Companyincluding, but not limited to, the impact of general economicconditions, industry conditions and dependence upon regulatoryapprovals. Readers are cautioned that the assumptions used in thepreparation of such information, although considered reasonable at thetime of preparation, may prove to be imprecise and, as such, unduereliance should not be placed on forward-looking statements. TheCompany does not assume any obligation to update or revise itsforward-looking statements, whether as a result of new information,future events, or otherwise, except as required by securitieslaws.
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