Quebec, QC, June 29th, 2018 – NuRAN Wireless Inc. (“NuRAN Wireless” or the “Company”) (CSE: NUR) (OTC: NRRWF) (FSE:1RN), a leading supplier of mobile and broadband wireless solutions to connect the next billion, announces its financial results for the three months ended April 30, 2018. All dollar amounts are expressed in Canadian currency.
Highlights from the Quarter and Recent Highlights Include;
- NuRAN receives 400K Purchase Orders to connect Remote Africa and Canada;
- NuRAN signs for 1,8 M CAD of Purchase Orders in second Quarter 2018;
- NuRAN Granted 5G Canadian Patent;
- NuRAN Earns Frost and Sullivan enabling technology leadership award;
- NuRAN announces closing of oversubscribed first tranche of private placement;
- NuRAN Selected by Africa Mobile Networks for multiple African countries;
- NuRAN Wireless and Avanti Communications sign partnership agreement.
- NuRAN enabling first blockchain mobile transaction for Billions of unbanked people;
- NuRAN Selected for Africa deployment by operators and System Integrator;
- NuRAN completing Interoperability Operation Test with Tier One operator;
- NuRAN Announces the Commercial Availability of the Telecom Infra Project’s OpenCellular OC-2G Base Station;
- NuRAN Ships First OC-LTE Base Stations to Multiple Tier-1 Operators Worldwide;
- First Blockchain mobile crypto transaction enabled on NuRAN Wireless deployment in Nigeria, enabling rural mobile transaction for billions of people unbanked;
The Lite Cell 1.5, our flagship product for connecting the next billion has been tested and certified by a number of Tier One operators around the world. We are expecting to see tremendous growth in revenue and profitability from the traction that we are getting in the field. In addition, the Open Cellular products, namely the OC-2G and the OC LTE developed as part of the Facebook led Telecom Infra Project ( www.telecominfraproject.com ) are also completing a number of important lab and field trials which will also lead to increased revenue and profitability for Nuran. 2018 is the transition year where we go from development to field trials to concrete revenue producing orders. Cellular Connectivity has surpassed all forms of connectivity as the most important driver of local economies and international financial transactions throughout the world and we are pleased to be at the forefront of this movement” stated Martin Bedard.
Highlights of the Company’s financial results for the six months ended April 30, 2018 included the following:
- Revenue of $2,300,476 compared to $2,330,049 for the six months ended April 30, 2017,
- Gross Margin of 41,11% compared to 45,77% for to the six months ended April 30, 2017;
- Gross Profit of $945,755 compared to a Gross Profit of $1,066,481 for the six months ended April 30, 2017;
- Net Loss of $1,122,253 compared to a Net Loss of $1,756,891 for the six months ended April 30, 2017, a decrease of $634,638
Highlights of the Company’s financial results for the three months ended April 30, 2018 included the following:
- Revenue of $1,025,302 compared to $1,225,293 during the three months ended April 30, 2017, a decrease of 16,32%.
- Gross Margin of 36,81% compared to 41,17% for the same quarter in 2017.
- Gross profit of $353,048 compared to $508,432 for the same period of 2017.
- Net Loss of $424,779 compared to a net loss of $936,256 for the same quarter in 2017, improvement attributable to stronger engineering revenue from higher margin contracts with world-class leader and partner, improved efficiency in controlling in expenses and qualification for Technological visa R&D
This Press Release contains references to Adjusted EBITDA and Gross margin. These financial measures are not measures that have any standardized meaning prescribed by IFRS and are therefore referred to as non-GAAP measures. The non-GAAP measures used by the corporation may not be comparable to similar measures used by other companies. Adjusted EBITDA is defined as “income (loss) before interest expenses, taxes, expenses related to listing on the Canadian Securities Exchange, depreciation, foreign exchange and financial expenses.
The Company uses these non-GAAP measures because they provide additional information on the performance of its commercial operations. Such tools are frequently used in the business world to analyze and compare the performance of businesses; however, the Company’s definition of these metrics may differ from those of other businesses.
No regulatory authority has approved or reviewed the contents of the information contained in this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.