The company also said of its outlook that “logistics represent a vast, untapped opportunity for cost efficiencies, and retailers are looking for big data solutions. Axios offers an integrated platform that addresses critical supply chain management needs for tracking, monitoring, data collection, pooling and enabling measurable return on investment.”
Pallet rentals rose to C$729,000 in the third quarter ended Sept 30 from C$360,000 in the same period in 2015.
Freight services revenue also rose, to C$205.000 from C$196,000, providing a boost to total revenues of C$934,000 from C$556,000.
As reported last month, sales were expected to have jumped in the third quarter following the addition of the company’s largest egg vendor contract. Read more.
But with operating expenses more than doubling to C$4.6mln, the company recorded a comprehensive loss of C$3.88mln versus a loss of C$1.3mln in the same period of 2015.
The company said expenses rose “consistent with the increase in the volume of our operations.”
Axios said in a statement that “Given the contracts currently in place and the strong demand for the Axios pallet solution, the Company plans to raise additional capital to finance operations and to further increase the size of the pallet pool so we can continue to onboard new customers and pursue additional issuances with existing customers by fulfilling an increasing proportion of those producers’ pooling services.”
Story by ProactiveInvestors