Lite Access Technologies Reports Q1 2023 Financial Results – Revenues up 37%

Vancouver, British Columbia.  LITE ACCESS TECHNOLOGIES INC. (the “Company”) (TSX VENTURE: LTE)(OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, today reported its financial results for the first quarter ended December 31, 2022.  The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at www.sedar.com.

FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER 2023 (1):

• Total Q1 2023 revenue of $1,845,593 compared to revenue of $1,346,050 for Q1 2022, an increase of 37%;
• Gross profit for Q1 2023 of $195,254, or 11%, compared to $13,385, or 1%, for Q1 2022. The improvement primarily due to strong project execution and cost management, offset by the higher material and subtrade costs resulting from global supply chain issues and labour shortage;
• EBITDA* for the three months ended December 31, 2022 was ($210,979) versus ($439,093) in the comparative quarter. The decrease of EBITDA loss reflected the Company’s strong operating results for the quarter, driven by improvements in project execution, operational efficiency, and cost management;
• Operating expenses for Q1 2023 decreased to $488,098, or 26% of revenue, from $561,400 for Q1 2022, or 42% of revenue. The reduction driven by various cost-cutting initiatives the Company has taken to lower the overhead expenses across most expense categories;
• Net comprehensive income loss of ($305,972) for Q1 2023 compared to net comprehensive loss of ($708,872) for Q1 2022;
• Exited the quarter with $1,227,881 cash and cash equivalents.

Note:

• As the financial results of LAT UK and AMEC have been classified as discontinued operations, certain prior year comparative figures have been reclassified to compare with the current year’s presentation.

“I am very pleased to report that our Company’s financial performance continued to improve with key metrics such as revenues, gross margins and EBITDA,” said Mike Plotnikoff, CEO of Lite Access.  “This upward trend in our financial results is a testament to management’s strategic priorities and focus on solid execution of properly vetted projects and cost management.”

Mr. Plotnikoff explained, “Delivering on our commitment to financial and operational performance continues to pay dividends and we are in a much stronger position than last year.   We have a solid foundation and aggressive strategy that we are successfully executing against as we continue to enhance revenues and scale our business in the next chapter of our growth.  In addition, our team has been working diligently on a number of significant opportunities and we will be providing further updates as the activities progress.”

“I am proud with the progress we are making in value creation objectives for our business and in providing clients with true end-to-end solutions for telecom infrastructure.  We look forward to building on these positive financial results and remain confident in our Lite Access’ outlook for 2023 and beyond,” concluded Mr. Plotnikoff.

About Lite Access

Recognized as an industry leader possessing years of experience in the telecommunications space, Lite Access offers total integrated solutions for all types of telecom requirements.  Beginning with a comprehensive project analysis to engineering, design and permitting,  Lite Access proudly offers a full complement of aerial and underground construction methodologies including splicing, testing and maintenance.

Our innovative approach, flexible products and installation solutions are combined with decades of experience and unparalleled passion. ‘The Lite Access Way’ methodology of construction for both trunk and fibre-to-the-premises (FTTx) connectivity has become a recommended and preferred method of fibre installation, globally.

Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.

For further information please contact:

Lite Access Technologies Inc.
Michael Plotnikoff, CEO
Phone: 1-604-247-4704
110-6039 196 St
Surrey, BC V3S 7X4
www.liteaccess.com

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