TrustBIX Inc. Announces December 31, 2023 First Quarter Financial Results

Rhea-AI Summary

TrustBIX Inc. (TBIXF) announces financial results for Q1 2024, showcasing a significant reduction in operating expenses and strategic changes to focus on key businesses. Revenue decreased by 29.7%, operating expenses by 57.4%, and non-cash operating expenses by 92.5% compared to Q1 2023.

Positive

• Significant reduction in total operating expenses by 57% in Q1 2024 compared to Q1 2023.
• Focus on ViewTrak and indoor farming businesses after strategic review and operational changes.
• Revenue decreased by 29.7%, operating expenses by 57.4%, and non-cash operating expenses by 92.5% compared to Q1 2023.
• Operating expenses decreased by $420,750 or 45.6% excluding non-cash items.
• Financial results and MD&A for Q1 2024 filed and available on SEDAR+.

Negative

• None.

Edmonton, Alberta--(Newsfile Corp. - February 27, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announced today financial results for the first quarter ended December 31, 2023, and the related Management's Discussion and Analysis (MD&A).

For the three months ended December 31, 2023, compared to 2022, the Company posted:

"I consider Q1 2024 to be a turning point for TrustBIX. We completed the strategic review and implementation of operational changes which has allowed us to focus on our ViewTrak and indoor farming businesses. Our aggressive and strategic changes have allowed us to realize a reduction in total operating expenses of 57% in Q1 2024, as compared to Q1 2023. The team has laid the foundation for future growth," said Hubert Lau, TrustBIX CEO.

• Revenue of $294,554, down $124,270 or 29.7%;

• Operating expenses of $525,865, down $709,041 or 57.4%;

• Non-cash operating expenses (recovery) related to stock-based compensation to incentivize our team and amortization and depreciation expense, decreased to $23,504, down $288,291 or 92.5%; and

• Excluding these non-cash items, operating expenses decreased by $420,750 or 45.6%.

The Company's financial results for the first quarter ended December 31, 2023, and the related MD&A, have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca.

About TrustBIX (TSXV: TBIX)

TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.

www.TrustBIX.com

Forward-Looking Information

This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.

FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199576

FAQ

What were TrustBIX Inc.'s (TBIXF) total operating expenses reduced by in Q1 2024 compared to Q1 2023?

TrustBIX Inc.'s total operating expenses decreased by 57% in Q1 2024 compared to Q1 2023.

What businesses is TrustBIX Inc. focusing on after the strategic review and operational changes?

TrustBIX Inc. is focusing on its ViewTrak and indoor farming businesses after the strategic review and operational changes.

How much did TrustBIX Inc.'s revenue decrease by in Q1 2024 compared to Q1 2023?

TrustBIX Inc.'s revenue decreased by 29.7% in Q1 2024 compared to Q1 2023.

Where can the financial results and MD&A for Q1 2024 of TrustBIX Inc. be accessed?

The financial results and MD&A for Q1 2024 of TrustBIX Inc. can be accessed on SEDAR+ at www.sedarplus.ca.