PCS Edventures! Reports Unaudited Results For the Second Quarter of Fiscal Year 2024

Rhea-AI Summary

PCSV - PCS Edventures! Inc. Announces Record Revenue and Net Income in Q2 FY2024. Revenue reaches $3.77 million, up from $1.24 million in the same period last year. Net income hits $1.81 million, up from $0.17 million. The company ended the quarter with $2.12 million in cash. Despite not being selected as a vendor for the 2024 Iowa Scale-Up Program, the company remains confident in its ability to win other business and continue to grow significantly over time.

Positive

• Record revenue and net income in Q2 FY2024
• Significant increase in revenue and net income compared to the same period last year
• Positive feedback from educational conferences indicating strong future performance

Negative

• Not being selected as a vendor for the 2024 Iowa Scale-Up Program

BOISE, Idaho, Nov. 14, 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 second quarter of Fiscal Year 2024 which ended on September 30, 2023.

Revenue was $3.77 million, a quarterly record for the Company, up from $1.24 million in revenue for the same period last year. Net income was $1.81 million, also a quarterly record, up from $0.17 million for the same period last year. The Company ended the quarter with $2.12 million in cash.

Mike Bledsoe, President, commented, “This record quarter was driven in large part by our Air Force and Iowa relationships. Excluding the revenue associated with those relationships during the quarter, our revenue would have been $1.69 million, which is still up nicely over last year’s comparable period. On November 10, 2023, we were notified by the Iowa Scale-Up Program that we were not selected as a vendor for 2024. While this is disappointing to us, we are still confident in our abilities to win other business and continue to growth significantly over time. This growth will not be uniform, but we just enjoyed a period when we experienced the positive side of this volatility.”

Todd Hackett, CEO, stated, “For the six months ending September 30, 2023, we generated $6.4 million in revenue. Although Air Force and Iowa contributed significantly to this revenue number, I can also state unequivocally that business from other customers was also robust. We had 16 customers with transactions over $100,000 during the six months ended September 30, 2023 versus just 7 in the comparable year ago period. Since October 1, 2023, we have attended six different educational conferences and the feedback we have received indicates another strong season next spring and summer.”

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/.

Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of PCS and its “forward-looking statements” in such filings that are contained in the OTC Markets Group, LLC website at https://www.otcmarkets.com/.

Contact.

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

 

FAQ

What were the unaudited results of operations for PCS Edventures! Inc. in Q2 FY2024?

PCS Edventures! Inc. reported a record revenue of $3.77 million and net income of $1.81 million for Q2 FY2024, up from $1.24 million and $0.17 million respectively in the same period last year.

How much cash did PCS Edventures! Inc. have at the end of Q2 FY2024?

PCS Edventures! Inc. ended the quarter with $2.12 million in cash.

What was the impact of not being selected as a vendor for the 2024 Iowa Scale-Up Program?

Despite not being selected, the company remains confident in its abilities to win other business and continue to grow significantly over time.

What feedback did PCS Edventures! Inc. receive from educational conferences since October 1, 2023?

Feedback from educational conferences indicates another strong season next spring and summer.