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Kontrol Technologies Corp. reports developments tied to smart buildings, building services, and energy efficiency solutions. The Canadian public company provides integrated HVAC, building automation, and energy management services for commercial, industrial, multi-residential, and residential properties, with recent activity centered on Ontario and broader Canadian building markets.
Recurring company news includes financial results filed in Canada, project awards with building owners, customer-base expansion, acquisition criteria for HVAC and related service businesses, and capital actions such as its completed normal course issuer bid. Governance updates include annual meeting voting results, auditor appointment, director elections, and share compensation plan matters. Kontrol has also described its operating focus after the completed sale of the operational net assets of CEM Specialties Inc.
Kontrol Technologies (NEO:KNR, OTCQB:KNRLF) reported its financial results for the third quarter and year-to-date period ending September 30, 2022. Revenues fell to $19.9 million, a 7.5% decrease year-over-year, while nine-month revenues grew to $75.6 million, a 161% increase.
Despite the growth in annual figures, the company experienced a net loss of $(5.2 million) for the quarter compared to a net income of $2.1 million the previous year. Adjusted EBITDA also declined significantly.
Kontrol Technologies Corp. (OTCQB:KNRLF) will report its financial results for the nine-month period ending September 30, 2022, on November 14, 2022, at 4:30 PM Eastern. The report will be available on SEDAR. A conference call with CEO Paul Ghezzi and CFO Claudio Del Vasto is scheduled for the same day at 5:00 PM Eastern.
The company focuses on smart buildings and cities through IoT, Cloud, and SaaS technology, enhancing energy management and sustainability.
Kontrol Technologies Corp. (OTCQB:KNRLF) announced significant energy savings of 20% to 30% per annum for three REIT customers managing properties in Canada and the USA. Currently, their SmartSuite technology is deployed in seven buildings across these portfolios, with plans for scaling up based on proven performance. CEO Paul Ghezzi emphasized the potential for robust energy management solutions and sustainability improvement through their IoT, Cloud, and SaaS offerings.
Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) has signed a Letter of Intent to acquire a building service company in Alberta, Canada. This Target serves blue-chip clients and generated $5.4 million in revenue with a 73% gross margin and 20% EBITDA. The acquisition will cost $3.5 million in cash, $500,000 in shares, and up to $750,000 in earn-outs, contingent on performance. The deal aims to enhance Kontrol's recurring revenue and expand its market presence.
Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) has been selected by a major Ontario Property Manager for an energy efficiency upgrade in a social housing building. The project aims to replace HVAC systems, achieving 20% annual energy savings along with reduced emissions. Around 50% of the funding comes from government sources, supporting the company's strategic focus on aging buildings. Ontario’s government is investing $4.0 billion in housing programs from 2019 to 2028, reinforcing the demand for energy-efficient solutions.
Kontrol Technologies Corp. (OTCQB: KNRLF) has secured a contract with a cannabis company in Ontario and British Columbia to enhance energy efficiency through building upgrades. This project focuses on modernizing HVAC systems, leading to lower energy consumption and real-time monitoring. CEO Paul Ghezzi emphasizes the growing need for energy-saving solutions amidst rising energy costs. As identified by the IEA, energy efficiency is crucial for CO2 reduction and energy security, reinforcing Kontrol's commitment to sustainability in smart buildings.
Kontrol Technologies Corp. will host its Annual General Meeting on September 30th, 2022, at 11:00 AM (EST). The meeting will cover resolutions for the year ending December 31st, 2021. CEO Paul Ghezzi and CFO Claudio Del Vasto will lead the discussion. Attendees are encouraged to join 5 minutes early. For additional details, visit www.kontrolcorp.com.
Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) announced a new credit agreement with a Schedule 1 bank, providing $50 million in senior secured credit facilities. The financing includes a $20 million term loan, a $10 million revolving credit facility, and a $20 million accordion feature. The company expects to draw $6 million on the term loan to refinance existing debt, thereby reducing capital costs and enhancing liquidity for future acquisitions.
Kontrol Technologies Corp. reported record Q2 revenues of $29.1 million, a 599% increase year-over-year, contributing to total six-month revenues of $55.8 million. Adjusted EBITDA for Q2 and the first half were $2.0 million and $4.5 million, respectively. Net income for the first half was $2.7 million, reversing a previous loss of $(645,597). The company announced new project contracts and launched Kontrol BioWater for viral detection in water systems.
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