Energy smart technology firm Pioneering Technology Corp. (CVE:PTE) made it seven quarters of profitability in a row – nearly two years – as it announced its first quarter results on Thursday.
The company behind the popular Smartburner cooking appliances said revenues of C$2.3mln in the quarter ended Dec 31 were up 78% from the same period a year earlier, while it turned in a record adjusted Earnings before interest, tax, depreciation and amortization (EBITDA) of C$762,942 – up 179% on a year earlier.
Financial highlights for the quarter ended Dec. 31, 2016, include:
“We continue to grow our business profitably and create value. We are ahead of plan year to date and believe our forecast of 50% growth again in 2017 is achievable,” said Pioneering CEO Kevin Callahan.
“The market for our product solutions is massive, awareness is growing and we are just in the early stages of market penetration. We also have other opportunities that we believe will enable the Company to continue to deliver further results and shareholder value.”
During the quarter, the company announced a partnership with Innohome OY, the market leader in cooking fire prevention technologies and products in Europe and the first to pass new EU standards.
The company also announced that Pennrose Properties LLC of Philadelphia had specified the installation of SmartBurner for all of its new building and redevelopment projects. The Pennrose development and management project portfolio includes close to 16,000 multi-family housing apartment units in 12 states and over 80 municipalities. Pennrose is just one of many premier real estate development and property management companies in the US that Pioneering is currently working with together with its new channel partners.
In its first quarter 2017, Pioneering also received a follow-on purchase order from its existing suite style hotel chain customer to equip an additional 159 hotel properties (representing approximately 19,000 hotel rooms) with Pioneering’s SmartBurner. The new purchase order represented the second phase of major installations for this hotel chain which will now have equipped 297 of their over 700 hotel properties. This recent development/repeat hotel channel purchase validates the effectiveness of Pioneering’s product and confirms its relevance in this new channel.
Since the end of the quarter, the start of calendar 2017 has continued to see impressive developments.
Pioneering recognized in the 2017 TSX Venture 50, a ranking of the top fifty performers of 1,791 issuers listed on the TSX Venture exchange. Pioneering was recognized as 7th as the best-performing companies in 2016, with trading volume of 25,176,449, a market capitalization increase of 1,170% and a share price appreciation of 725%.
Pioneering’s SmartBurner was identified by the 30th annual Edison Awards which recognize and honor the best in innovations and innovators.
Last month, the company announced Echelon Wealth Partners Inc. agreed to purchase 5,454,546 units from the company in a bought deal private placement basis for aggregate gross proceeds of C$6mln.