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VOTI DETECTION VOTI Detection Reports Third Quarter Results Improved Results & Significant Strengthening of Leadership Team Highlight Quarter • Third quarter revenue of $ 5.6 million vs. $ 3.9 million posted in Fiscal 2020 , an increase of 45 % • Gross margin of 38 % as company continues to benefit from sales of higher margin Matrix Series X - Ray scanners • Positive Adjusted EBITDA achieved in the quarter • • Company delivered 170 security scanning systems to a wide range of global clients across a diversified base of sectors versus 95 sold in Q3 of fiscal 2020 , an increase of 79 % Important inroads continue to be made within the sports and entertainment as well as the state and local government verticals • New 3 year supply agreement signed with the United Nations High Commissioner for Refugees • Significant strengthening of executive team with key hires of seasoned industry veterans • Due to the slower than anticipated post COVID recovery and the impact of the disruption in the global supply chain , now expecting a 26 % increase in year over year Fiscal 2021 revenues versus original expectation of a 47 % revenue increase MONTREAL , Sept. 28 , 2021 / CNW Telbec / - VOTI Detection Inc. ( " VOTI " or " the Company " ) ( TSXV : VOTI ) , a leading - edge Canadian technology company that develops latest - generation X - ray security systems based on 3D Perspective TM technology , today announced results for its third quarter ended July 31 , 2021 . " The unexpected intensity of the fourth wave of the COVID - 19 pandemic has caused our recovery to be slower than initially expected , but we are pleased with our performance year to date , and with revenues increasing 45 % and the achievement of positive Adjusted EBITDA for the quarter . We continue and will continue , to benefit from the significant efficiency initiatives that we implemented in Fiscal 2020. However , as cautioned in our second quarter release , in addition to the slower than anticipated recovery , our company , like most other industries , has been impacted by the COVID - led global supply chain disruptions . Massive dislocations are evident within shipping routes and all other forms of transportation and warehousing have been impacted . We have been diligent in mitigating the risk of shortages of key manufacturing components , order backlogs , delivery delays and the increase in transportation costs . Given these extraordinary circumstances , we will not be able to meet our initial expectations of reaching pre - pandemic sales by this fiscal yearend which will also impact our ability to achieve positive adjusted EBITDA and positive cash flow from operations for the year . This does not take away from the strength of our success in this current fiscal year given the return to strong sales volumes of our X - ray scanners and the benefits of our development activities . It's important to note that this is not lost revenue , just delayed revenue . We are looking at continued growth into Fiscal 2022 and are buoyed by the strong demand that we are seeing for our scanners , software and training modules . The strength of the company's margins resulting from the introduction of new products , as well as the continuing wide and growing distribution of transactions position VOTI for solid sustained growth going forward " commented Rory Olson , President and CEO of VOTI Detection . For a discussion of risks related to the COVID - 19 pandemic , please see VOTI`s MD & A filed today under VOTI's profile at www.sedar.com Strengthening of Executive Team As part of VOTI's strategic initiatives focused on operating excellence and growth on a global scale ,