Toronto, Ontario--(Newsfile Corp. - November 20, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRD) ("Aires" or the "Company"), a pioneer in EMF modulation technology, is pleased to announce filing of its unaudited Financial Statements and Management's Discussion & Analysis (MD&A) for Q3/2023, spanning from July 1 to September 30, 2023.
This quarter is particularly notable as it marks the first instance of positive EBITDA in the company's history. This achievement is a direct result of the strategic decision made on August 28, 2023, to outsource the retail segment, including sales, COGS, marketing, and advertising expenses to HUCK Project LLC ("HUCK"). The financial results for Q3/2023 reflect this shift to the new business model, combining our traditional operations with the outsourced model. Consequently, this quarter should be considered a transition period, distinct from past results.
In Q3/2023, Aires' total order volume increased to $3.05 million from $1.64 million in the same quarter of the previous year, an 85% increase. In terms of adjusted EBITDA (non-IFRS measure), excluding one-time items, there was a 106% improvement, leading to an adjusted net profit of $0.07 million, compared to a net loss of $1.14 million in the same period last year. The Net Loss for the quarter was reduced to $0.24 million, an improvement of $1.04 million compared to last year. Consequently, Aires reported sales of $2.09 million, a Gross Profit of $1.39 million, and a Cash Royalty income of $0.12 million from HUCK in Q3/2023.
CEO of American Aires, Josh Bruni, commented, "Achieving our first positive EBITDA quarter is a defining moment for Aires. It reflects not just our focus on building financial resilience but also the strength of our vision and strategy. This milestone is a clear indicator of our growth and our dedication to innovation and operational excellence. We are excited about the future and remain committed to delivering value to our customers and shareholders alike."
About American Aires Inc.
American Aires Inc. is a Canadian-based nanotechnology company committed to enhancing well-being and environmental safety through science-led innovation, education, and advocacy. The company has developed proprietary silicon-based microprocessors that reduce the harmful effects of electromagnetic radiation (EMR). Aires' Lifetune products target EMR emitted by consumer electronic devices such as cellphones, computers, baby monitors, and Wi-Fi, including the more powerful and rapidly expanding high-speed 5G networks. Aires is listed on the CSE under the ticker 'WIFI' and on the OTC QB under the symbol 'AAIRF'. Learn more at www.airestech.com.
On behalf of the board of directors
Company Contact:
Josh Bruni, CEO
Website: www.airestech.com
Email: wifi@airestech.com
Telephone: (415) 707-0102
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedarplus.ca. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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