- Converge Technology Solutions Corp. (CTS) has announced its financial results for both the three-month and twelve-month periods ended December 31, 2021
- In Quarter 4, net revenue increased by 74 per cent over the same quarter in 2020 to $505.0 million
- In 2021, gross profit increased 48 per cent to $345.7 million from the full-year result recorded in 2020
- Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services
- Yesterday, the share price of Converge Technology Solutions Corp. (TSX:CTS) fell by $0.23 or 2.112% to $10.66
Converge Technology Solutions Corp. (CTS) has announced its financial results for the three-month and twelve-month periods ended December 31, 2021.
For the three-month period ended December 31, 2021, net revenue increased by 74 per cent over the same quarter in 2020 (“Q4-2020”) to $505.0 million.
Similarly, Q4-2021 gross profit increased 63% over Q4-2020 to $115.9 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also increased in the last quarter of 2021 by 48% to $34.7 million from $23.4 million in comparison to the same period in 2020.
For the full year 2021 (“FY21”), Converge reports a 61 per cent increase in net revenue to $1,527.8 billion compared to the 2020 result, while gross profit increased 48 per cent to $345.7 million from the full-year result recorded in 2020.
Adjusted EBITDA also increased 55 per cent to $94.0 million when compared to the full-year result of 2020.
The company also closed three bought-deal financings in 2021 for cumulative gross proceeds of approximately $518.0 million in equity financings, which on a price per-share basis, increased from $4.85 in January 2021 to $10.55 in September 2021.
“The company has added strategic acquisitions throughout the year expanding on high impact solution areas such as data analytics, AI, cloud, and cybersecurity while simultaneously rolling out various managed services and expanding offerings into Europe with the platform acquisition of REDNET GmbH,” said Shaun Maine, CEO of Converge.
Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services.
By the close of market yesterday, Converge Technology Solutions Corp. (TSX:CTS) share price stood at $10.66, having lost $0.23 or 2.112 per cent.
