TrustBIX Inc. Announces September 30, 2024 Year End Financial Results
Rhea-AI Summary
TrustBIX Inc. (TSXV: TBIX) has released its financial results for the fiscal year ended September 30, 2024. The company demonstrated significant improvement in its financial performance through operational streamlining and expense reduction:
Key financial highlights include:
- Net loss decreased by 76.9% to $710,765 (from $3,073,808 in 2023)
- Cash used in operations improved by 83.8% to $103,396 (from $639,944 in 2023)
- Revenue declined by 25.9% to $1,577,985 (from $2,128,401 in 2023)
- Operating expenses reduced by 51.3% to $2,161,181 (from $4,435,699 in 2023)
The company's subsidiary, Alberta Food Security, secured over $5,000,000 in contracts for indoor farming technology, though manufacturing challenges have delayed delivery and revenue recognition to 2025.
Positive
- Significant reduction in net loss by 76.9% to $710,765
- Operating expenses decreased by 51.3% to $2,161,181
- Cash burn from operations improved by 83.8%
- Secured $5,000,000+ in contracts for indoor farming technology
Negative
- Revenue declined by 25.9% to $1,577,985
- Manufacturing challenges causing delays in contract fulfillment
- Revenue recognition from $5M+ contracts delayed to 2025
News Market Reaction
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. - January 27, 2025) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announced today financial results for the year ended September 30, 2024, and the related Management's Discussion and Analysis ("MD&A").
For the year ended September 30, 2024, compared to 2023, the Company successfully executed its multi-year strategy to streamline operations and reduce expenses:
- Net loss and comprehensive loss of
$710,765 , as compared to$3,073,808 in 2023, improved by$2,363,043 or76.9% ; - Cash used in operating activities of
$103,396 , as compared to$639,944 , improved by$536,548 or83.8% in 2023; - Revenue of
$1,577,985 , as compared to$2,128,401 in 2023, reduced by$550,416 or25.9% ; and - Operating expenses of
$2,161,181 , as compared to$4,435,699 in 2023, improved by$2,274,518 or51.3% .
"In 2024, Alberta Food Security received over
The Company's financial results for the year ended September 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.
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/238660
FAQ
What was TrustBIX (TBIX) net loss for fiscal year 2024?
How much did TBIX revenue decline in fiscal 2024?
What is the value of contracts secured by TBIX's Alberta Food Security division?
Why has TBIX delayed revenue recognition for its indoor farming contracts?
How much did TBIX reduce its operating expenses in fiscal 2024?
