Increase in Third-Party Royalties
Third-party royalties increased to $559,000 for the quarter, up $80,000 or 16% year-over-year.
New License Agreements and Contracts
Signed two new license agreements with ELEA Technology and CNTA, and five additional agreements including three license amendments and a new Technology Evaluation and License Option Agreement.
Strong Gross Margin
The gross margin remained strong at 29%, an increase from 18% in the previous period.
Credit Facility Secured
Secured a credit facility with Desjardins Group to remain flexible with growth plans, with approximately $1.9 million available at Canadian prime plus 1.5%.
Expansion in Sales and Marketing
Expanded sales and marketing efforts by hiring two additional team members and attending multiple trade shows and trade missions.
Improvement in Adjusted EBITDA
Adjusted EBITDA loss improved by $132,000 compared to the previous year, driven by increased royalties and tolling revenue.