Edmonton, Alberta (Newsfile Corp. - November 30, 2021) - Titan Logix Corp., (TSXV: TLA) ("Titan" or the "Company"), a technology company specializing in advanced technology fluid management solutions
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Titan Logix Corp. Reports Fiscal 2021 Q2 Financial Results
Financial Highlights Summary
$ (255,310)
$ 190,333
As at August 31 2020
Working capital
Q2 FISCAL 2021 HIGHLIGHTS
Revenues for the second quarter of fiscal 2021 ending February 28, 2021 were $749,602, a $561,451 or a 43% decrease from the $1,311,053 recorded in the comparative period. Revenues continued to be impacted by the decline in global oil prices, combined with the lack of access to markets in Canada, and the ongoing impact of the COVID-19 pandemic.
Gross profit for the second quarter of fiscal 2021 decreased by $341,541 to $353,053 or 47% of revenue compared to $694,594 or 53% of revenue in the comparative prior period. This decrease in gross profit is primarily due to the decrease in unit demand and the reduction in revenue. The reduction in gross margin as a percentage of sales is primarily due to underutilized capacity costs included in cost of sales.