It was a record-breaking third quarter on two fronts for Ottawa-based Espial, CEO Jaison Dolvane said late Wednesday.
“We had a very strong quarter with record revenue and EBITDA,” Mr. Dolvane said in a statement, adding that the company secured a significant software licence order, expanded its relationship with a major client in Germany and launched a new product.
“We continued to make progress on our pipeline and believe we are well situated for the change occurring in the industry.”
For the three months ending Sept. 30, Espial (TSX: ESP) reported revenue of $8.7 million and adjusted EBITDA of $2.3 million, up from $5.1 million and $700,000 for the same period last year. The company’s adjusted net income was $2.7 million, up from $700,000 a year ago.
Year-over-year, the company’s gross margin increased to 77 per cent from 72 per cent.
As of Sept. 30, Espial had cash, restricted cash and cash equivalents worth $47.5 million.