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Control Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) (“Control“or the”Company“) a leader in smart buildings and cities through IoT, Cloud and SaaS technology, provided financial results for the three months ended March 31st2022. A complete set of financial statements and MD&A have been filed on SEDAR (www.sedar.com).

First Quarter 2022 Highlights

  • Record first-quarter revenue of $26.6 million, up 702% year-over-year
  • Net profit of $1.6 million, compared to a net loss of $823,733 in Q1 2021
  • Adjusted EBITDA* of $2.5 million, up 123% year over year
  • Gross profit of $6.7 million, up 281% year over year
  • Working capital of $7.1 million, an increase of $3.4 million over the year-end balance as of December 31, 2021
  • Awarded contract and letter of intent totaling $25.7 million for HVAC and automation projects
  • Launch of Kontrol Carbon to help customers monitor, manage and monetize carbon credits

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Management commentary

“Our performance in the first quarter of 2022 reflects our continued operational execution as we move towards realizing our strategic vision,” said Paul Ghezzi, CEO of Kontrol Technologies. “We are working diligently to scale the Kontrol platform while maintaining discipline in managing our capital structure and remaining deeply focused on growing profitability. As we look to the future, we are well positioned for continued growth by delivering innovative solutions that enable our customers to achieve greater sustainability across their businesses.

Q1 2022 Financial Summary

Financial results

Three months completed

(unaudited)

March 31, 2022

March 31, 2021

Revenue

$26,621,533

$3,319,194

Gross profit

$6,742,135

$1,771,560

Net profit (loss)

$1,641,673

($823,733)

Basic EPS

$0.03

$(0.02)

Diluted EPS

$0.03

Add for reconciliation of Adjusted EBITDA:

Amortization and depreciation

$543,185

$393,460

Financial expenses

$278,867

$267,110

Stock-based compensation

$37,574

$1,216,503

Registration fees

$70,000

Adjusted EBITDA*

$2,501,299

$1,123,340

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*Adjusted EBITDA is a non-IFRS financial measure. The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization and depreciation, stock-based compensation, acquisition-related expenses and listing fees.

Conference call

The Company will hold a conference call on Monday, May 16and, 2022, at 8:30 a.m. EST to discuss Kontrol’s first quarter 2022 financial results. To participate, please use the following information:

Event details:

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Please dial at least 5 minutes before the call start time to ensure timely attendance.

A recording of the first quarter 2022 interim financial results conference call is available here:

About Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, continuously monitor emissions and accelerate the sustainability of all buildings.

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Additional information about Kontrol Technologies Corp. are available on its website at www.kontrolcorp.com and by consulting its profile on SEDAR at www.sedar.com

Neither IIROC nor any stock exchange or other securities authority accepts responsibility for the adequacy or accuracy of this release.

Non-IFRS Financial Measures

The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization and depreciation, stock-based compensation and acquisition-related expenses. The Company believes that Adjusted EBITDA is a useful measure as it provides information to management about the Company’s operating and financial performance and its ability to generate operating cash flow to fund future capital requirements. turnover, as well as future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company. Readers are cautioned that these non-IFRS definitions are not recognized measures under IFRS, do not have any standardized meaning prescribed by IFRS, and should not be construed as a substitute for net income determined in accordance with IFRS or such as yield, liquidity or cash flow indicators.

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Forward-looking statements

This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some instances, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “probable”, “should”, “should”, “expect”, ” anticipates”, “intends”, “potential”, “proposed”, “estimates”, “believes” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements that certain events or conditions “may” or “will” occur, or through policy discussions.

Where the Company expresses or implies an expectation or belief regarding future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. These assumptions include, but are not limited to, that sufficient capital will be available to the Company and that the technology will be as effective as expected.

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However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. statements. These risks include, but are not limited to, that sufficient capital and financing may not be obtained on reasonable terms, or at all, that technologies may not prove as effective as expected, that customers and potential customers do not accept the Company’s product and service offerings as expected, and governmental and regulatory factors impacting the energy conservation industry.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as of the date hereof and are based on management’s beliefs, estimates, expectations and opinions as of such date. Kontrol undertakes no obligation to publicly update or revise these forward-looking statements or any forward-looking statements contained in any other documents, whether as a result of new information, future events or otherwise, or to explain any differences material between subsequent actual events. and such forward-looking information, except as required by applicable securities laws. Readers are cautioned to carefully consider these and other factors, uncertainties and potential events and not to place undue reliance on any forward-looking information.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220516005462/en/

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contacts

Control Technologies Corp.
Paul Ghezzi
CEO
[email protected]
180 Garden Drive, Unit 9, Vaughan, Ontario L4K 1X8
Tel: (905) 766.0400

Investor Relations:
Brooks Hamilton
MZ Group – MZ North America
[email protected]
Tel: +1 (949) 546.6326

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