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NTG Clarity Networks (TSXV: NCI) (OTC Pink: NYWKF) has achieved recognition as one of the top 50 performers on the TSX Venture Exchange (TSXV). This prestigious ranking, known as the TSX Venture 50, evaluates companies based on three equally weighted criteria: market capitalization growth, share price appreciation, and trading value.
Adam Zaghloul, Vice President of Strategy & Planning at NTG Clarity, emphasized that this recognition reflects the team's dedication, strategic vision, and investor trust. He noted that after years of foundation-building, the company is experiencing strong market tailwinds driving exceptional growth and profitability. The company aims to maintain this momentum and secure similar recognition in 2025 and beyond.
NTG Clarity Networks (TSXV: NCI, OTC: NYWKF) has secured new purchase orders and contracts worth $14.6M CAD from existing customers in financial, IT, and telecom sectors. The breakdown includes:
- $11.6M in renewals for offshore and onsite software development services
- $2.2M in new work and renewals, part of previously announced contracts including a $53M three-year contract from August 2024
- $800K for NTGapps platform licensing, customization, and support
These orders have increased NTG's backlog of unbilled purchase orders and contracts to approximately $105M as of December 31, 2024. The company is leveraging opportunities from Saudi Arabia's Vision 2030 plan and its digitization initiatives, with gross margins expected to align with historical levels.
NTG Clarity Networks (TSXV: NCI) (OTC Pink: NYWKF) released a shareholder letter highlighting its transformative 2024 performance. The company reported significant growth with revenue reaching $38.9 million in the first nine months, a 100% year-over-year increase, targeting $55M for full-year 2024.
Key achievements include growing their team by 67% to over 1,000 employees, securing three major contracts valued at $80M over three years, and building a backlog exceeding $100 million. Financial metrics showed strong improvement with Adjusted EBITDA increasing 127% to $8.0 million and net income growing 270% to $6.9 million through Q3. The company completed a $4.8 million equity raise to support growth.
Operating metrics demonstrated robust performance with 17% customer growth, 87% retention rate, and 57% of customers increasing their service levels. The company's success is attributed to its 20-year strategic foundation in Saudi Arabia, focusing on relationship building, talent development, and future investments.
NTG Clarity Networks has secured a three-year contract renewal and expansion worth $22 million with an existing financial services customer in the Middle East. The offshore software development services contract represents a 25% increase in contracted resource headcount and will operate at an estimated 37% gross margin. New resources will begin work in January 2025.
The contract will be serviced from NTG's recently expanded Egypt Offshore Centre. With this renewal, NTG's backlog of unbilled purchase orders and contracts has exceeded $100 million. The company remains on track to meet its 2024 revenue target of $55 million with a 14% net income margin.
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