Telescope Innovations Presents Results of Third Fiscal Quarter 2024
Telescope Innovations, a developer of advanced technologies for the pharmaceutical and chemical industries, announced financial results for Q3 FY 2024. The company reported revenues of CAD $1.2 million for the quarter, with year-to-date revenues exceeding CAD $3.4 million, surpassing the entire fiscal year 2023's revenues. Despite the revenue increase, expenses also rose to CAD $1.42 million for the quarter and CAD $3.94 million year-to-date. However, the company achieved a positive cash flow from operating activities of CAD $40,023 for the year-to-date period. This quarter saw increased sales of the DirectInject-LC product and notable customer engagement through conferences and technology demonstrations.
- Year-to-date revenues of CAD $3.4 million, surpassing entire fiscal year 2023.
- Quarterly revenues of CAD $1.2 million.
- Positive cash flow from operating activities of CAD $40,023 year-to-date.
- Increased expenses to CAD $1.42 million for the quarter.
- Year-to-date expenses of CAD $3.94 million.
Year-to-date revenues surpass entire fiscal year 2023
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2024) - Telescope Innovations Corp. (CSE: TELI) (OTCQB: TELIF) ("Telescope" or the "Company"), a developer of advanced technologies and services for the global pharmaceutical and chemical industries, reports financial results for the fiscal quarter ended May 31, 2024. The Company generated revenues of
Figure 1. Revenue and net income chart for FY 2022, 2023, and 2024 to date.
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FINANCIAL HIGHLIGHTS OF THE FISCAL QUARTER ENDED MAY 31, 2024
All values are represented in CAD.
- Revenues of
$1,224,351 for fiscal quarter and$3,415,408 year-to-date
(versus$1,012,999 for fiscal quarter and$2,340,392 year-to-date for comparable period in FY 2023) - Expenses of
$1,424,650 for fiscal quarter and$3,941,921 year-to-date
(versus$945,152 for fiscal quarter and$2,531,466 year-to-date for comparable period in FY2023) - Positive cash flow from Operating Activities of +
$40,023 for the fiscal year-to-date period (versus -$1,745,535 for the fiscal year-to-date comparable period in FY2023)
"This quarter has seen an uptick in sales of Telescope's DirectInject-LC product, as well as customer engagement through high profile conferences and technology demonstration events," commented Jeff Sherman, Telescope COO.
Readers are encouraged to review the full financial statements and accompanying management discussion and analysis for the quarter ended May 31, 2024, both of which are available under the profile for the Company on SEDAR+ (www.sedarplus.ca).
About Telescope
Telescope is a chemical technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The Company builds and deploys new enabling technologies including flexible robotic platforms and artificial intelligence software that improves experimental throughput, efficiency, and data quality. Our aim is to bring modern chemical technology solutions to meet the most serious challenges in health and sustainability.
On behalf of the Board,
Telescope Innovations Corp.
Jeffrey Sherman, Chief Operating Officer
E: jeff@telescopeinn.com
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216272
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