TrustBix Inc. Announces December 31, 2024 First Quarter Financial Results
Rhea-AI Summary
TrustBIX Inc. (TSXV: TBIX) has reported its financial results for Q1 ended December 31, 2024, showing significant improvements across key metrics compared to the same period in 2023:
- Net loss decreased by 28.6% to $186,233 (vs $260,953)
- Revenue increased by 22.8% to $361,821 (vs $294,554)
- Operating expenses reduced by 5.9% to $495,101 (vs $525,865)
- Cash used in operations improved by 31.2% to $60,606 (vs $88,066)
The company's Alberta Food Security marketing events have gained positive reception, helping expand awareness of TrustBIX's role in North American food security, sustainability, and transparency within the indoor vertical farming sector.
Positive
- Revenue growth of 22.8% to $361,821
- Net loss reduced by 28.6%
- Operating expenses decreased by 5.9%
- Cash burn reduced by 31.2%
Negative
- Continuing net loss of $186,233
- Operating expenses ($495,101) still exceed revenue ($361,821)
News Market Reaction 1 Alert
On the day this news was published, TBIXF gained 15.48%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Edmonton, Alberta--(Newsfile Corp. - February 25, 2025) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announced today financial results for the first quarter ended December 31, 2024, and the related Management's Discussion and Analysis ("MD&A").
For the three months ended December 31, 2024, compared to the same period in 2023, the Company continued to successfully streamline operations and reduce expenses:
- Net loss and comprehensive loss of
$186,233 , as compared to$260,953 in 2023, improved by$74,720 or28.6% ; - Cash used in operating activities of
$60,606 , as compared to$88,066 in 2023, improved by$27,460 or31.2% ; - Revenue of
$361,821 , as compared to$294,554 in 2023, improved by$67,267 or22.8% ; and - Operating expenses of
$495,101 , as compared to$525,865 in 2023, improved by$30,764 or5.9% .
"We are pleased to see that our ongoing efforts to streamline operations and enhance efficiencies are delivering positive results. We remain committed to executing our long-term vision, and these achievements reinforce our confidence in the path we've set. Our Alberta Food Security marketing events have been well received, helping to expand awareness of TrustBIX and its role in supporting North American food security, sustainability and transparency within the indoor vertical farming space. We look forward to building on this momentum, alongside the continued efforts of our ViewTrak team," said Hubert Lau, TrustBIX CEO.
The Company's financial results for the first quarter ended December 31, 2024, and the related MD&A, have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca.
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242387
FAQ
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