Ottawa-based video conferencing firm Magor Corp. (TSXV:MCC) is calling its most recent quarter the best in company history.
But while revenue was up sharply during the period, the company still lost over $1 million.
Magor reported revenue of $1,076,071 during the three-month period that ended Jan. 31. That’s up from $323,789 during the same period last year and from $343,263 during the previous quarter.
OBJ360 (Sponsored)
Why a backyard coach house could be your quickest route to a new home
Building a backyard coach house is easier thanks to Bill 23, and Ottawa General Contractors are helping home owners make it happen.
How to mitigate AI legal risks by asking the right questions
Does AI hallucinate? According to local employment law expert Zoriana Priadka of Emond Harnden, it does. Find out how to mitigate your risk as an employer.
“Q3 was our strongest quarter to date,” said Mike Pascoe, president and CEO of Magor, in a press release. “In Q3 we started recognizing recurring revenue from our Aerus cloud-based services, from which we expect significant growth going forward”
Despite that increase, though, the company’s net loss was still over $1.4 million. That’s down from the same period last year, when it recorded a net loss of just over $2 million, but only a slight change from the $1.5 million the company lost during the previous quarter.
The company still has some cash on hand. It ended the quarter with almost $1.4 million in the bank and has raised an additional $1.1 million through a brokered private placement that closed in February.
The company’s gross margin also increased from 27.1 per cent last year to 62.9 per cent during the most recent quarter.
However its order backlog was down from $401,955 during the previous quarter to $249,288. The company says that was due to the fulfilment of several outstanding orders.
“We have been building a solid foundation for our business, and are pleased to see the results of our initiatives,” said Mr. Pascoe in the news release.
“While orders are still subject to some short-term variability, we expect to see more predictable growth as a result of the greater number of large customers we are adding to our customer base.”
