Pluribus Technologies Corp. Announces Q1 2023 Financial Results - Yahoo Finance

First Quarter Highlighted by Continued Track Record of Delivering Positive Adjusted EBITDA

TORONTO, May 29, 2023 /CNW/ - Pluribus Technologies Corp. (TSXV: PLRB) ("Pluribus" or the "Company"), a growing acquiror of small, profitable technology companies, today announced its financial results for the first quarter ended March 31, 2023. The Company's consolidated financial statements and accompanying notes for the years ended March 31, 2023 and 2022 are available under Pluribus' profile on SEDAR (www.sedar.com). All dollar amounts are in thousands of Canadian dollars unless otherwise noted. Certain metrics, including Adjusted EBITDA, are non-IFRS measures (see "Non-IFRS Measures" below).

Pluribus Technologies Logo (CNW Group/Pluribus Technologies Corp.)

"Despite a recessionary environment in which customers have deferred some project rollouts into the second half of 2023, we delivered another quarter of positive Adjusted EBITDA in Q1," said Richard Adair, CEO of Pluribus Technologies. "Our focus in 2023 is to expand revenue through continued cross-selling, developing channel partnerships and finding new markets and new verticals for the product and services offered by our business units. We continue to maintain a strong pipeline of acquisition targets but intend to be selective in how we deploy capital to prioritize preserving cash and ensuring we meet our debt service obligations during these challenging macroeconomic conditions."

Selected Financial and Business Highlights for the Fourth Quarter

• Revenue for the three ended March 31, 2023 increased by 13% to $9.3 million compared to $8.2 million in the prior year, reflecting the two acquisitions (Tortal Training and Rowanwood) completed during 2022 after the comparable period.

• Adjusted EBITDA¹ for the three ended March 31, 2023 was $0.9 million, compared to $1.1 million in the comparative period. The decrease in Adjusted EBITDA reflects the lower contribution of Adjusted EBITDA from the eLearning business unit, partially offset by higher Adjusted EBITDA from the rest of the Company's business units.

• Net loss for the three months ended March 31, 2023 was $1.8 million, a decrease of $2.8 million, compared to a loss of $4.6 million for the comparable period. The decrease in net loss for the quarter is primarily driven by lower transaction and acquisition costs as compared to the comparative periods.

• Cash on hand on March 31, 2023 was $6.4 million compared with $5.3 million on December 31, 2022. As of March 31, 2023 the Company has not drawn upon its $3.0M revolving line of credit.

Results of Operations

(000's)	Three Months
For the period ended March 31,	2023	2022	Var	Var
	$	$	$	%
Revenue	9,256	8,158	1,098	13 %
Gross Profit	5,789	5,357	432	8 %
Operating Expenses	4,872	4,268	604	14 %
Non-Operational Expenses	2,606	5,826	(3,220)	-55 %
Net Loss	(1,746)	(4,620)	2,874	62 %
Adjusted EBITDA	917	1,089	(172)	-16 %
Adjusted EBITDA %	9.9 %	13.3 %		-3.4 %

Outlook

In the current macro environment, while we prioritize conserving cash and meeting our debt service obligations, we are focussed on optimizing the profitability of our acquired businesses. In the eLearning and eCommerce  verticals, we are making phased strategic investments to support growth through channel partnerships, new markets and new verticals.

We have a robust M&A pipeline made up of patient owner-operators who are looking for liquidity. We maintain these relationships until an acquisition can occur through strategic partnerships to cross-sell our products and services into our respective clients.

We intend to selectively deploy capital on EBITDA-accretive acquisitions in our key verticals when there is a strategic fit with the business unit. This can include providing access to products that fill gaps in current customer offerings and/or enable us to access new customer bases, market segments, verticals or geographies.

Conference Call Details

Pluribus' management team will host a conference call to discuss its fiscal 2023 first quarter financial results on Tuesday, May 30, 2023.

Date: Tuesday, May 30, 2023
Time: 8:30 am EDT

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/438B1yB  to receive an instant automated call back.

Dial-In Numbers: (416) 764-8650 or (888) 664-6383
Conference ID: 31676127
Webcast: Available on the Events & Presentations page of the Company's investor website
Replay: (416) 764-8677 or (888) 390-0541 (playback code: 676127#) available until midnight (EDT) on June 6, 2023.

About Pluribus Technologies Corp.
Pluribus is a technology company that is a value-based acquirer of small, profitable business-to-business technology companies in a range of verticals and industries. Pluribus provides its acquisitions access to experienced sales and marketing resources, strategic partnership opportunities, a diverse portfolio of customers in different geographical markets and enabling technologies to create new revenue streams and provide the opportunity for these companies to grow in their respective markets. For more information, please visit: https://www.pluribustechnologies.com/.

Non-IFRS Measures

The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income, restructuring and transition costs primarily related to acquisitions and other one-time non-recurring transactions.

Reconciliation of Non-IFRS Measures

The Company uses the non-IFRS measure Adjusted EBITDA to evaluate performance. The following table presents the reconciliation from net income (loss) to Adjusted EBITDA for the three months ended March 31, 2023.

		Three Months
For the period ended March 31,	2023	2022	Var	Var
	$	$	$	%
Total Revenue	9,256	8,158	1,098	13 %
Net loss for the year	(1,746)	(4,620)	2,874	62 %
Acquisition costs	490	1,598	(1,108)	-69 %
Transition costs	—	1,713	(1,713)	N/A
Amortization and depreciation	1,397	1,199	198	17 %
Share-based compensation	156	796	(640)	-80 %
Loss from change of fair value of financial liabilities	—	9	(9)	N/A
Loss (gain) on revaluation of contingent consideration	—	—	—	N/A
Finance expense, net	725	335	390	116 %
Foreign exchange loss (gain)	(162)	176	(338)	N/A
Income tax expense	57	(117)	174	-149 %
Total Adjustments	2,663	5,709	(3,046)	-53 %
Adjusted EBITDA	917	1,089	(172)	-16 %
Adjusted EBITDA %	9.9 %	13.3 %		-3.4 %

Forward-Looking Information

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements with respect to the business plans of the Company, including the successful completion and pace of future acquisitions, the Company management's expectation on the growth, profitability and performance of its current and future acquisitions, the Company's ability to continue acquiring business-to-business technology companies at reasonable prices and the Company's ability to grow its portfolio companies into significant organizations. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions.

Forward-looking statements are based on certain assumptions, including the Company's ability to complete acquisitions on favourable terms; the Company's ability to manage a complex portfolio of companies effectively; the Company's ability to scale its management team to support a rapid pace of growth; the Company's ability to raise sufficient financing to continue the pace of its acquisition strategy; the Company's ability to maintain its rapid pace of growth. Other assumptions include industry trends, the availability of growth opportunities, and general business, economic, competitive, political, regulatory and social uncertainties will not prevent the Company from conducting its business. While the Company considers these assumptions to be reasonable based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Forward-looking information speaks only to such assumptions as of the date of this release.

Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with general economic conditions, including the COVID-19 pandemic, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the Company's limited operating history; ability to complete favourable acquisitions; the technology industry in Canada and internationally, income tax and regulatory matters, the ability of the Company to execute its business strategies, including the ability manage a complex portfolio of companies effectively, competition, currency and interest rate fluctuations, and other risks.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Contact:

Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383

SOURCE Pluribus Technologies Corp.

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