- Buddy Technologies (BUD) has revealed its first earnings-positive quarter despite the impact of COVID-19 restrictions and supply chain disruptions
- The company reported its unaudited results for the September quarter today, tabling an earnings before interest, taxes, depreciation and amortisation (EBITDA) of $32,000 compared to a $2.9 million loss in the prior corresponding period
- CEO David McLauchlan said the company’s results have particularly been buoyed by strong demand for its LIFX and Buddy Ohm products
- Shares closed 1.6 per cent lower, worth 6.2 cents
Buddy Technologies (BUD) has revealed its first earnings-positive quarter despite the impact of COVID-19 restrictions and supply chain disruptions.
The company reported its unaudited results for the September Quarter today, tabling earnings before interest, tax, depreciation and amortization (EBITDA) of $32,000 compared to a $2.9 million loss in the prior corresponding period.
Consolidated revenues were also higher in the quarter at $9.5 million compared to $7.9 million in the prior corresponding period.
Buddy built momentum over the quarter, reporting a 30 per cent month-on-month increase in consolidated revenue for September to $2.6 million.
EBITDA for September was $510,000, a record for the company and much higher than the $514,000 loss recorded in the previous month.
CEO David McLauchlan said the company’s results have particularly been buoyed by strong demand for its LIFX and Buddy Ohm products, despite challenges posed by the pandemic.
“With the majority of the company’s employees based in and around Melbourne, Australia, it is no exaggeration to suggest that the impact of COVID-19 on the business has been material,” David stated.
“Just as shelves are empty everywhere from craft stores to hardware stores to car dealerships, so too are we at a low-stock level in many of our retailers,” he continued.
Buddy continues to review the voluntary COVID-19 salary reduction program and anticipates that once full inventory levels are restored all reductions will be removed.
Shares closed 1.6 per cent lower, worth 6.2 cents.