TrustBIX Inc. Announces March 31, 2024 Second Quarter Financial Results

Rhea-AI Summary

TrustBIX (TSXV: TBIX) released its Q2 financial results for the period ending March 31, 2024. The company reported a significant reduction in operating expenses by 61% and an improvement in operating cash flow by 98%, with cash used in operations decreasing by $582,571 to $13,046. However, revenue dropped by 49.4% to $343,406 for the quarter. For the six months ending March 31, 2024, revenue fell by 41.9% to $637,960, while operating expenses decreased by 59.3% to $1,039,235. Non-cash operating expenses related to stock-based compensation and amortization also saw a significant reduction. The company is focusing on converting customers to Auction Master Pro and has signed initial orders for indoor farming technology under Alberta Food Security.

Positive

• Operating expenses reduced by 61% in Q2 2024.
• Operating cash flow improved by 98% in Q2 2024.
• Cash used in operations decreased by $582,571 to $13,046 in Q2 2024.
• Non-cash operating expenses related to stock-based compensation and amortization decreased by 88.4% in Q2 2024.
• For the six months ending March 31, 2024, operating expenses decreased by 59.3%.
• Signed initial orders for indoor farming technology under Alberta Food Security.

Negative

• Revenue for Q2 2024 decreased by 49.4% compared to Q2 2023.
• Revenue for the six months ending March 31, 2024, decreased by 41.9%.
• Non-cash operating expenses related to stock-based compensation and amortization decreased by 90.8% for the six months ended March 31, 2024, indicating a reduced incentive for team members.

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

"We continue to focus on ViewTrak and Alberta Food Security ("AFSI"). The ViewTrak team has been very busy assisting customers to convert to Auction Master Pro. The AFSI team signed our first orders of indoor farming technology and received the initial deposits. We have successfully controlled our operating expenses and improved our operating cash flow. During Q2, 2024, operating expenses were reduced by 61% and operating cash flow improved by 98%, with cash used in operations decreasing by $582,571 to just $13,046," said Hubert Lau, TrustBIX CEO.

For the three months ended March 31, 2024, compared to 2023, the Company posted:

• Revenue of $343,406, down $335,153 or 49.4%;

• Operating expenses of $513,370, down $804,059 or 61.0%;

• Non-cash operating expenses (recovery) related to stock-based compensation to incentivize our team and amortization and depreciation expense, decreased to $25,363, down $193,087 or 88.4%; and

• Excluding these non-cash items, operating expenses decreased by $610,962 or 55.6%.

For the six months ended March 31, 2024, compared to 2023, the Company posted:

• Revenue of $637,960, down $459,420 or 41.9%;

• Operating expenses of $1,039,235, down $1,513,100 or 59.3%;

• Non-cash operating expenses (recovery) related to stock-based compensation to incentivize our team and amortization and depreciation expense, decreased to $48,867, down $481,388 or 90.8%; and

• Excluding these non-cash items, operating expenses decreased by $1,031,712 or 51.0%.

The Company's financial results for the second quarter ended March 31, 2024, 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

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/210734

FAQ

What were TrustBIX's Q2 2024 financial results?

TrustBIX reported a 49.4% drop in revenue to $343,406, a 61% reduction in operating expenses, and a 98% improvement in operating cash flow for Q2 2024.

How did TrustBIX's revenue perform in the six months ending March 31, 2024?

TrustBIX's revenue for the six months ending March 31, 2024, decreased by 41.9% to $637,960.

What improvements did TrustBIX make in operating expenses in Q2 2024?

TrustBIX reduced its operating expenses by 61% and improved its operating cash flow by 98% in Q2 2024.

What is TrustBIX focusing on in their business strategy?

TrustBIX is focusing on converting customers to Auction Master Pro and signed initial orders for indoor farming technology under Alberta Food Security.

What were the non-cash operating expense changes for TrustBIX in Q2 2024?

TrustBIX's non-cash operating expenses related to stock-based compensation and amortization decreased by 88.4% in Q2 2024.