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Kontrol Technologies Announces Record Q3 2021 Financial Results Revenues Increased 614 % Year - over - year to Record $ 21.5 Million ; Drives Most Profitable Quarter in Company History with Net Income of Over $ 2 Million Raises 2021 Outlook Due to Strong Operational Execution and Heightened Demand from Blue Chip Customer Base TORONTO -- ( BUSINESS WIRE ) -- November 15 , 2021 -- Kontrol Technologies Corp. ( NEO : KNR ) ( OTCQB : KNRLF ) ( FSE : 1K8 ) ( “ Kontrol " or the " Company " ) a leader in smart buildings and cities through IoT , Cloud and SaaS technology , announces the release of its financial results for the three- and nine - month periods ended September 30 , 2021. A complete set of the Financial Statements and Management's Discussion & Analysis have been filed on SEDAR ( www.sedar.com ) . Third Quarter and Year - to - Date 2021 Highlights : • • • • • • Record revenues of $ 21.5 million in the third quarter of 2021 , up 614 % year - over - year Record net income of $ 2.1 million in the third quarter of 2021 , representing second consecutive quarter of positive net income Record adjusted EBITDA * of $ 2.8 million in the third quarter of 2021 , up 224 % year- over - year Cash flows from operating activities of $ 4.8 million in 2021 year - to - date Strengthened balance sheet by eliminating $ 4.0 million in debt in 2021 year - to - date Completed acquisition of Global HVAC & Automation Inc. ( " Global " ) , the largest acquisition in Kontrol's history Raising Fiscal Year 2021 Outlook O Revenues of $ 43 million to $ 46 million , up from previous $ 38 million estimate Adjusted EBITDA of $ 6 million to $ 7 million , up from previous $ 3.7 million estimate Management Commentary " This milestone quarter was highlighted by the multiple records we set across several key metrics , driven by the momentum we delivered across our business , ” said Paul Ghezzi , CEO of Kontrol . “ Our ability to integrate Global into the Kontrol platform while maintaining financial discipline allowed us to not only achieve our highest - ever revenue quarter , but importantly , we also delivered the highest net income quarter in our history . We have clearly demonstrated the ability to add significant growth with profitability . We continue to drive strong organic growth supported by heightened demand from our expanding blue - chip customer base and compounded by Government policy , underscoring the importance of and necessity for enhanced intelligence to operate better , safer , and more sustainable buildings . Kontrol is uniquely positioned to capitalize on the ongoing building modernization super cycle , and I look forward to continued momentum as we execute on our operating strategy throughout the remainder of 2021 and into this next phase of growth ahead as we work to deliver sustainable value for our shareholders . ”