Cleartronic, Inc. Announces Third Quarter 2022 Financial Results

Rhea-AI Summary

Cleartronic, Inc. (OTCPINK: CLRI) announced its 2022 third quarter financial results, achieving its tenth consecutive profitable quarter. For the nine months ending June 30, 2022, gross profit rose by 25% and net income increased by 94% year-over-year. In the latest quarter, gross profit surged by 28% while net income soared by 156% compared to the same period last year. The company maintains a remarkable client retention rate exceeding 95% and is expanding its services through the ReadyOp platform. Cleartronic also launched a new website and hosted its inaugural ReadyOp Users Conference.

Positive

• Tenth consecutive quarter of profitability.
• 25% increase in gross profit for nine months ended June 30, 2022.
• 94% increase in net income year-over-year.
• 28% increase in gross profit for the three months ended June 30, 2022.
• 156% increase in net income for the three months ended June 30, 2022.
• Client retention rate over 95%.

Negative

• None.

BOCA RATON, Fla., Aug. 16, 2022 (GLOBE NEWSWIRE) -- Cleartronic, Inc. (OTCPINK: CLRI) released its 2022 third quarter financial statements for the nine months ended June 30, 2022.

Cleartronic, Inc. (the “Company”) reports its tenth consecutive quarter of profitability, highlighted by the third quarter’s performance for the nine months ended June 30, 2022, where the Company posted an increase of 25% in gross profit and an increase in net income of 94% as compared to the same period for June 2021. For the three months ended June 30, 2022, we reported an increase of 28% in gross profit and an increase of 156% in net income as compared to the same period in 2021.

Marc Moore, CEO of Cleartronic stated, “We are very pleased to again report increasing revenue, profitability, and addition of new clients, both private and government agencies. Our client retention rate is over 95% and our growth has been enhanced by clients continue to expand their use of our ReadyOp platform with new applications and using ReadyOp in new areas of their operations.

During this latest quarter we released our new website, www.readyop.com, with more information about the ReadyOp platform and how it benefits clients. This will enhance our marketing efforts and enable us to present the many features and uses of ReadyOp. We also held our first ReadyOp Users Conference at the NASA Johnson Space Center in Houston, Texas. The successful three-day event was attended by clients from all over the country. Our plans are to begin hosting more of these conferences for training and the introduction of new features and capabilities in the ReadyOp platform.”

The full 10-Q report for the nine months ended June 30, 2022, can be viewed at https://ir.stockpr.com/cleartronic/all-sec-filings#document-15119-0001091818-22-000108.

About Cleartronic, Inc.:
        
Cleartronic, Inc. (OTCPINK: CLRI), a diversified holding company has been in business since 1999. The Company creates and acquires operating subsidiaries with the intended goals of manufacturing and selling products, services, and integrated systems to governmental agencies, private, not-for-profit businesses, and to the general public. In addition to its ongoing projects, Cleartronic continues its endeavors in research and development of new and expanded projects to support its overall service components, while operating and concentrating on its main operating subsidiary ReadyOp Communications, Inc. www.cleartronic.com & www.readyop.com.

Safe Harbor Statement

This new release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results), and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties so that actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements because of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact and Inquiries for Investor Relations:

Cleartronic, Inc.
Larry Reid, Chief Financial Officer
(561) 939-3399 Ext. 143

http://www.cleartronic.com/
https://www.readyop.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/83d56a17-1a87-4d79-b6a9-993f022871f6

FAQ

What were Cleartronic's Q3 2022 financial results?

Cleartronic reported a 25% increase in gross profit and a 94% increase in net income for the nine-month period ending June 30, 2022.

What is the stock symbol for Cleartronic?

The stock symbol for Cleartronic is CLRI.

How much did Cleartronic's net income increase in the latest quarter?

Cleartronic's net income increased by 156% for the three months ended June 30, 2022.

What is Cleartronic's client retention rate?

Cleartronic maintains a client retention rate exceeding 95%.

What new initiatives did Cleartronic launch recently?

Cleartronic launched a new website and hosted its first ReadyOp Users Conference.