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
SOURCE: TrustBIX Inc.
