TrustBIX Inc. Announces June 30, 2024, Third Quarter Financial Results

Rhea-AI Summary

TrustBIX Inc. (TSXV: TBIX) has announced its financial results for the third quarter ended June 30, 2024. The company reported its first quarter of positive cash flow from operating activities, attributed to a focus on ViewTrak and Alberta Food Security (AFSI). Key highlights include:

- Q3 revenue of $547,769, up 26.5% year-over-year
- Operating expenses decreased by 44.7% to $526,432
- Net loss reduced to $9,773 from $548,243 in 2023
- Positive cash flow from operating activities of $54,443

For the nine-month period, revenue decreased by 22.5% to $1,185,729, while operating expenses were down 55.3%. The company has signed new customers, converted existing ones to Auction Master Pro, and received an initial deposit for AFSI's indoor farming technology.

Positive

• First quarter of positive cash flow from operating activities
• Q3 revenue increased by 26.5% year-over-year to $547,769
• Operating expenses decreased by 44.7% in Q3 and 55.3% for the nine-month period
• Net loss significantly reduced from $548,243 to $9,773 in Q3
• Signed new customers and converted existing ones to Auction Master Pro
• Received initial deposit for AFSI's indoor farming technology

Negative

• Nine-month revenue decreased by 22.5% to $1,185,729
• Still reported a net loss, albeit reduced, for both Q3 and nine-month period

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Edmonton, Alberta--(Newsfile Corp. - August 27, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announced today financial results for the third quarter ended June 30, 2024, and the related Management's Discussion and Analysis (MD&A).

"We are excited to report our first quarter of positive cash flow from operating activities; as a result of our focus on ViewTrak and Alberta Food Security ("AFSI"). In Q3, we signed new customers and converted existing customers to Auction Master Pro. We also received the initial deposit on a signed order of AFSI's indoor farming technology. In addition, we continue to diligently control our operating expenses, which have decreased by 45% and 55%, respectively, during the three and nine months ended June 30, 2024, as compared to 2023," said Hubert Lau, TrustBIX CEO, "Moreover, AFSI has hosted over 100 tours of the indoor farming showcase facility at the Calgary Tower Center, welcoming local, regional, and national grocery distributors and retailers, and representatives from all orders of government. These tours have engaged key strategic stakeholders in Canada's food supply, positioning us for future opportunities."

For the three months ended June 30, 2024, compared to 2023, the Company posted:

• Revenue of $547,769, up $114,859 or 26.5%;
• Operating expenses of $526,432, down $426,070 or 44.7%;
• Net loss and comprehensive loss of $9,773, as compared to $548,243 in 2023; and
• Positive cash flow from operating activities of $54,443, as compared to cash used in operating activities of $1,647 in 2023.

For the nine months ended June 30, 2024, compared to 2023, the Company posted:

• Revenue of $1,185,729, down $344,564 or 22.5%;
• Operating expenses of $1,565,667, down $1,939,170 or 55.3%;
• Net loss and comprehensive loss of $471,708, as compared to $1,865,301 in 2023; and
• Cash used in operating activities of $54,287, as compared to $668,928 in 2023.

The Company's financial results for the third quarter ended June 30, 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.

www.TrustBIX.com

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/221220

FAQ

What was TrustBIX's (TBIXF) revenue for Q3 2024?

TrustBIX reported revenue of $547,769 for the third quarter ended June 30, 2024, which represents an increase of 26.5% compared to the same period in 2023.

Did TrustBIX (TBIXF) achieve positive cash flow in Q3 2024?

Yes, TrustBIX achieved its first quarter of positive cash flow from operating activities, reporting $54,443 for the third quarter ended June 30, 2024.

How much did TrustBIX (TBIXF) reduce its operating expenses in Q3 2024?

TrustBIX reduced its operating expenses by 44.7% to $526,432 for the three months ended June 30, 2024, compared to the same period in 2023.

What was TrustBIX's (TBIXF) net loss for Q3 2024?

TrustBIX reported a net loss of $9,773 for the third quarter ended June 30, 2024, significantly reduced from $548,243 in the same period of 2023.