Key Highlights

  • Kontrol Energy Corp, (“company”, “Kontrol”) continued its strong revenue growth – revenues in Q2-2019 were $3.91 million, up 92.97% YoY and 6.36% QoQ, and in-line with our expectations.
  • Gross Margins In-line: For Q2-2019 and H1-2019, the company reported gross margins of 48.45% and 49.48%, respectively; also, in-line with our expectations.
  • Improvement in EBITDA but Deterioration in Earnings: EBITDA in Q2-2019 was $92.1k versus $28.2k in Q2-2018. The company reported a net loss of -$0.60 million (EPS: -$0.02) in Q2-2019, versus a net loss of -$0.33 million (EPS: -$0.01) in Q2-2018. Although EBITDA was higher YoY, the company’s bottom line was adversely affected by higher depreciation, and interest and bank charges.
  • Portfolio Update: Previously announced acquisition of an undisclosed electrical efficiency company has been pushed from Q3-2019 to Q4-2019. Although we had anticipated this acquisition to close in Q3-2019, the delay does not impact our revenue forecasts as we had initially modelled this acquisition to be accretive to revenue starting 2020.

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