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)

Matching donations matters: How local companies help enable life-saving care for children in need
Self-storage company Access Storage is proud to support healthy communities where its employees work and live – and in the case of Ottawa, that means joining a host of other

Nicole Arranz lights up whenever she sees or hears children visiting Perley Health’s east-end Ottawa campus. “My mom loves kids, and being around kids brings life to her,” said Josée
“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.”