PCS Edventures! Reports Unaudited Results for the Second Quarter of Fiscal Year 2023

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported its second quarter results for Fiscal Year 2023, ending September 30, 2022. Revenue increased by 25% to $1.24 million compared to $0.99 million last year. However, net income fell to $0.17 million from $0.45 million in FY 2022. The company secured a significant $2.65 million contract with the U.S. Air Force to supply the Discover Drones program. With cash at $0.32 million, PCS is on track for a record fiscal year.

Positive

• Revenue growth of 25% year-over-year to $1.24 million.
• Net revenue for the first half of FY 2023 increased by 28% to $2.63 million.
• Secured a $2.65 million contract with the U.S. Air Force.
• Increased number of large customers: 10 over $50,000 and 4 over $100,000.

Negative

• Net income decreased to $0.17 million from $0.45 million year-over-year.
• Cash position reduced to $0.32 million.

BOISE, Idaho, Nov. 15, 2022 (GLOBE NEWSWIRE) -- PCS Edventures!, Inc., (PCSV) a leading provider of K-12 Science, Technology, Engineering and Mathematics (STEM) education programs and drone products, today announced unaudited results of operations for its second quarter of Fiscal Year 2023 (FY 2023), which ended on September 30, 2022.

Revenue for the second quarter of FY 2023 was $1.24 million, which was 25% higher than the $0.99 million in revenue for the same period last year. Net income for the second quarter was $0.17 million compared to $0.45 million for the second quarter of Fiscal Year 2022. The Company ended the quarter with $0.32 million in cash.

Michael Bledsoe, President, commented, “We have had a tremendous first half of FY 2023. Our revenue for the first six months of FY 2023 was $2.63 million, up 28% from the $2.06 million of revenue reported for the first six months of FY 2022. On the final day of the first six month period of FY 2023, we were informed that we won a competitive bid from the United States Air Force to supply our Discover Drones program to their Junior Reserve Officers’ Training Corp (JROTC) program. The value of their first order was $2.65 million, essentially the same amount as our revenue for the first six months of FY 2023. We plan to have this order fulfilled and revenue recognized within FY 2023 which will make FY 2023 a record year for our Company in terms of revenue and net income.”

Todd Hackett, CEO, stated, “Our Company continues to gain traction with our initiative to pursue larger customer implementations of our programs. Excluding resellers, for the first six month period of FY 2023, we had ten customers that were greater than $50,000 in size, and 4 greater than $100,000 in size. For the same period in FY 2022, we only had three customers greater than $50,000 and one greater than $100,000. All of us at the Company are very excited about the future.”

For more information about PCS Edventures!, Inc., visit our website.

Company financial information and reports can be found at https://www.otcmarkets.com/.

About PCS Edventures!, Inc.

PCS Edventures!, Inc. (OTCPK: PCSV) is a Boise, Idaho company that designs and delivers technology-rich products and services for the K-12 market that develop 21st-century skills. PCS programs emphasize experiential learning in Science, Technology, Engineering, and Math (STEM). https://edventures.com/.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934; actual results could differ materially from such statements.

Contact

Investor Contact: Michael Bledsoe 1.800.429.3110, mikeb@edventures.com
Investor Relations Web Site: https://investors.edventures.com/

FAQ

What were PCS Edventures! (PCSV) second quarter revenues for FY 2023?

PCS Edventures! reported second quarter revenues of $1.24 million for FY 2023.

How did PCS Edventures! (PCSV) perform in the first half of FY 2023?

In the first half of FY 2023, PCS Edventures! reported a revenue increase of 28%, totaling $2.63 million.

What major contract did PCS Edventures! (PCSV) secure recently?

PCS Edventures! secured a $2.65 million contract with the U.S. Air Force for their Discover Drones program.

What was the net income for PCS Edventures! (PCSV) in the second quarter of FY 2023?

The net income for PCS Edventures! in the second quarter of FY 2023 was $0.17 million.