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.”
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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.
