Axios Mobile Assets Corp. has announced its financial results for the third quarter ended September 30, 2015.
Financial and Market Highlights
- Revenue grew 110% quarter on quarter to $737,366
- Added listing in the United States on the OTCQB under the symbol AXBSD
- Closed $2,001,750 bridge loan
- Completed 10 for 1 share consolidation
- Enhanced biosecurity standards by adding automated cleaning line at pallet sanitization center
- Signed three new contracts, bringing to six the number of egg vendor contracts signed since April 2014
- Trained customer staff and began onboarding pallets to two new egg farms
- Expanded footprint into Northeast and Southeast United States
- Now servicing 23 distribution centers of major US retailer
“Axios had a strong quarter, with revenue more than doubling compared to the three months previous,” said Richard MacDonald, President and CEO of Axios Mobile Assets. “Although our net loss expanded, this reflected higher production to meet demand from both existing and new customers for our RFID-equipped pallets and logistics services. Our pallet contracts continue to generate recurring revenue in US dollars, so each month draws us closer to the point at which revenue will begin to outstrip investment in production. With the first newly automated sanitization center giving us class-leading biosecurity standards, we are confident that perishable food producers will continue switching to our cost-effective, clean and environmentally friendly solution. We are now beginning to hit our stride in reducing the backlog of pallets needed for our nationwide roll-out of the Axios Solution.”
- Third quarter revenue was $737,366, up 615% over the $103,127 realized in the same period a year ago, and 110% above the $350,892 in the second quarter;
- Year-to-date revenue totaled $1,097,172, an increase of 661% compared to $144,166 in the same period a year earlier;
- Gross margin was 32.4%;
- The net loss totaled $2,759,388, as Axios expanded production capacity and manufactured new pallets to drive recurring revenue growth; the company also incurred a one-time debt settlement expense.
A complete set of financial statements and Management’s Discussion and Analysis for the quarter ended September 30, 2015 is available athttp://www.sedar.com.