TORONTO, April 30, 2021 /PRNewswire/ – Kontrol Technologies Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) (“Kontrol Technologies” or “Kontrol” or “Company”) a leader in smart buildings and cities through IoT, Cloud and SaaS technology announces the release of  its financial results for the fiscal year ended December 31st, 2020.  A complete set of the Financial Statements and Management’s Discussion & Analysis have been filed on SEDAR (www.sedar.com).

“Kontrol demonstrated strong financial discipline during the 2020 fiscal year as we successfully navigated through the pandemic headwinds to meet the needs of our customers, expand into new markets and create a significant increase in shareholder value,” said Paul Ghezzi, CEO of Kontrol Technologies. “We are pleased that Q4 2020 was the strongest quarter in our operating history. We executed on BioCloud innovation, improved the balance sheet and expanded our customer base. We are proud of our team’s accomplishments and look forward to our best year in 2021.”

Highlights

Record Q4 2020 Revenues of $4.3 million compared to $3.7 million for Q4 2019Adjusted EBITDA for the 2020 fiscal year was just under $2 million; a significant improvement over the prior fiscal yearRevenues for the 2020 fiscal year were $12.3 million, down 15% over the prior yearCash flow from operating activities were $483,686 for the 2020 fiscal year; an improvement of $697,689 over the prior yearOn August 1, 2020 Kontrol completed the acquisition of Newfound Air, a building energy solutions businessCapital management activities during the year have strengthened the balance sheet Proceeds of $3.8 million were received from options and warrants exercise during the 2020 fiscal yearDuring the 2020 fiscal year, $1.9 million of convertible debentures were converted to common sharesBased on investor demand, the Company extended unsecured debentures to October 31, 2022Continued progress made on Kontrol BioCloudTM viral and air-borne pathogen detection technology

2020 Financial Summary

Three months ended

For the years ended December 31

  Financial Results

Dec 31
2020

Dec 31
2019

2020

2019

2018

  Revenue

$4,302,514

$3,701,750

$12,349,991

$14,558,567

$10,727,301

  Gross profit

$1,734,510

$1,595,670

$6,050,160

$7,060,679

$6,419,819

  Net loss

$(598,816)

$(721,206)

$(1,904,721)

$(2,689,859)

$(2,226,167)

  Basic and Diluted EPS

$(0.02)

$(0.02)

$(0.06)

$(0.09)

$(0.08)

  Add for adjusted EBITDA reconciliation:

  Amort. & deprecation

$363,027

$321,872

$1,853,043

$1,677,558

$1,176,385

  Finance expense

$338,555

$235,016

$1,155,296

$1,014,294

$606,878

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