Kontrol Technologies Corp. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Kontrol Technologies Q3 2022 Earnings Summary

  • Total Revenue (Q3 2022): $19.9 million, a decrease of 7.5% compared to Q3 2021.
  • Year-to-Date Revenue (9 months ending Sept. 30, 2022): $75.6 million, up 161% from the same period in 2021.
  • Net Loss (Q3 2022): $5.2 million, due to supply chain challenges, cost increases, and rising interest rates.
  • Year-to-Date Net Loss (9 months ending Sept. 30, 2022): $2.4 million compared to a Net Income of $1.4 million in the same period in 2021.
  • Adjusted EBITDA (Q3 2022): -$4.0 million.
  • Year-to-Date Adjusted EBITDA (9 months ending Sept. 30, 2022): $545,000, compared to $5.0 million in the same period in 2021.
  • Gross Profit (9 months ending Sept. 30, 2022): $12.7 million versus $10 million same period last year.
  • Financial Position: The company breached financial covenants related to its credit facilities; term loan reclassified as a current liability.

Business Commentary

  • Konzol faced multiple challenges during the quarter: tight labor markets, material and supply chain shortages, and inflationary pressures.

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Operator: Good day, and welcome to the Kontrol Technologies' Third Quarter 2022 Earnings Conference Call. I am joined today by CEO of Kontrol Technologies, Paul Ghezzi; and CFO, Claudio Del Vasto. Before we begin, please be reminded that certain statements and information included in management's discussion and analysts and financial statements and presentations, including information related to future financial or operational performance and other statements that express the expectations of management or estimates of future performance constitute forward-looking statements. For more information on the company's forward-looking statements and risk factors, please reference the management discussion and analysts and our financial statements. For all public information filings, please visit the www.sedar.com. Thank you. I would now like to turn the conference call over to Mr. Paul Ghezzi, CEO of Kontrol Technologies. Mr. Ghezzi, you may begin. Paul Ghezzi: Hey, everyone and welcome to the Kontrol Technologies' third quarter 2022 earnings conference call. I'm joined on the call today by our CFO, Claudio Del Vasto. This was a very challenging quarter and we were impacted by a number of economic factors simultaneously, including tight labor markets, supply chain issues, lack of required materials, and ongoing material shortages. While our commercial and industrial service and solutions businesses performed in line with expectations, our operating subsidiary, Global HVAC and automa

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