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

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported impressive third-quarter results for fiscal year 2023, ending December 31, 2022. Revenues surged to $1.85 million, marking a 225% increase from $0.57 million in the prior year. The company achieved a net income of $0.57 million, a turnaround from a net loss of $0.15 million in Q3 FY 2022. Growth was driven by a significant order of 344 Discover Drones units from the Air Force JROTC program. With a cash balance of $0.69 million, PCS aims to retire its corporate debt and anticipates further growth and profitability for the upcoming year.

Positive

• Revenue increased by 225% to $1.85 million in Q3 FY 2023.
• Net income improved to $0.57 million from a loss of $0.15 million in Q3 FY 2022.
• Fulfillment of a significant order for 344 Discover Drones from Air Force JROTC.
• Plans to retire all corporate debt and secure a profitable position.

Negative

• None.

BOISE, Idaho, Feb. 09, 2023 (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 third quarter of fiscal year 2023 (FY 2023), which ended on December 31, 2022.

Revenue for the third quarter of FY 2023 was $1.85 million, which was 225% higher than the $0.57 million in revenue for the same period last year. Net income for the third quarter was $0.57 million compared to ($0.15 million) for the third quarter of fiscal year 2022. The Company ended the quarter with $0.69 million in cash.

Michael Bledsoe, President, commented, “Our exceptional results for the third quarter of our FY 2023 were driven by the order for our Discover Drones program from the Air Force JROTC program, which we received on September 30, 2022. During our third fiscal quarter, we partially fulfilled their order of 344 units by delivering 150 units of our Discover Drones program. During the quarter, we invoiced for these 150 delivered units, received payment, and retired the short-term debt we incurred to procure the materials for this order.”

Mr. Bledsoe continued, “In January of 2023, we completed the first JROTC order of 344 units and will invoice for the 194 units we shipped subsequent to the first invoice once delivery to all sites is verified. We expect to receive payment for this second invoice prior to our fiscal year-end, at which time we plan to retire all corporate debt.”

Todd Hackett, CEO, stated, “I want to extend my appreciation to all of our shareholders for your patience while we worked resiliently to position PCS to be a profitable company. We are now in a secured position for growth, and we expect to create tremendous shareholder value in the years ahead. I also want to thank our employees for their hard work and determination in turning the Company around. Additionally, a very warranted thank you goes to our president, Mike Bledsoe, who worked tirelessly to lead the Company to sustained profitability. We are on course to produce record revenue and earnings for the next year. I look forward to reporting our full fiscal year 2023 results.”

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' revenue results for Q3 FY 2023?

PCS Edventures reported revenue of $1.85 million for the third quarter of fiscal year 2023.

How much did PCS Edventures earn in Q3 FY 2023?

The company achieved a net income of $0.57 million in the third quarter of fiscal year 2023.

What factors contributed to PCS Edventures' revenue growth?

The revenue growth was largely driven by an order for 344 Discover Drones from the Air Force JROTC program.

What is PCS Edventures' future outlook following the Q3 FY 2023 results?

PCS Edventures expects to retire all corporate debt and anticipates significant revenue and earnings growth for the next fiscal year.