PCS Edventures! Reports Unaudited Results for the Third Quarter of Fiscal Year 2022

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) reported a revenue increase to $0.57 million for Q3 FY 2022, up 61% from $0.36 million in the same period last year. However, net income was reported at -$0.15 million, a decline from -$0.04 million in Q3 FY 2021. The company ended the quarter with $0.26 million in cash. Despite these results, CEO Todd Hackett projects FY 2022 revenue to exceed $3.6 million, a 70% increase from FY 2021, with expected significant growth continuing into FY 2023.

Positive

• Revenue up 61% year-over-year to $0.57 million.
• Projected FY 2022 revenue over $3.6 million, 70% increase from FY 2021.
• Expecting sequential revenue growth in upcoming quarters.

Negative

• Net income decreased to -$0.15 million from -$0.04 million year-over-year.
• Cash position at $0.26 million may limit operational flexibility.

BOISE, Idaho, Feb. 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 third quarter of Fiscal Year 2022, which ended on December 31, 2021.

Revenue was $0.57 million, which was 61% higher than the $0.36 million in revenue for the same period last year. Net income for the third quarter was ($0.15 million) compared to ($0.04 million) for the third quarter of Fiscal Year 2021. The Company ended the quarter with $0.26 million in cash.

Michael Bledsoe, President, commented, “Business conditions continue to improve for us compared to those in the year-ago period. Our third fiscal quarter ending in December is the seasonal low point of the year for us and we expect sequential revenue growth next quarter and a robust environment in calendar year 2022.

Todd Hackett, CEO, commented, “For our Fiscal Year 2022, which ends March 31, 2022, we expect revenue to come in north of $3.6 million, which is 70% higher than our FY 2021 revenue. While maintaining this rate of revenue growth is improbable, we still expect revenue growth to be significant for the remainder of FY 2022 and through FY 2023.

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: investors.edventures.com

FAQ

What were the Q3 FY 2022 earnings results for PCSV?

PCS Edventures!, Inc. reported a revenue of $0.57 million, a 61% increase from the previous year, but a net income of -$0.15 million.

What is PCS Edventures!'s revenue guidance for FY 2022?

The company expects to generate over $3.6 million in revenue for FY 2022, representing a 70% increase compared to FY 2021.

How did PCSV's Q3 FY 2022 cash position affect its financial health?

PCS Edventures! ended the quarter with $0.26 million in cash, which may impact its operational flexibility.

What is the future growth outlook for PCS Edventures!?

PCS Edventures! anticipates significant revenue growth continuing through FY 2023 following a strong FY 2022.