Q3 Total Revenue Grew 34% Year-over-Year to
Approximately $41.7
million
Q3 Adjusted EBITDA Improved to
approximately 3% of Revenue
Cash Position Remains Strong
at over $19.0 Million
VANCOUVER, BC, Oct. 3, 2024
/CNW/ - KITS Eyecare Ltd. (TSX: KITS) ("KITS" or the
"Company"), the leading vertically integrated eyecare provider, is
providing selected preliminary unaudited results for its third
quarter ended September 30, 2024.
Select Preliminary Third Quarter 2024 Financial
Highlights
- Total revenue grew 34% year-over-year to approximately
$41.7 million.
- Adjusted EBITDA increased year-over-year to approximately 3% of
Revenue.
- Finished the quarter with a healthy cash balance over
$19.0 million.
The Company looks forward to reporting its full third quarter
2024 results in early November 2024.
Details for the third quarter 2024 conference call will be
disclosed in the coming weeks.
About KITS
KITS makes eyecare easy. KITS is a leading vertically integrated
digital eyecare brand providing eyewear for eyes everywhere. We
offer customers access to a vast selection of contact lenses and
eyeglasses, including our own exclusive KITS designed products, as
well as a robust suite of online vision tools. Our efficient
digital platform, backed by our industry-leading manufacturing and
designs, removes intermediaries, and enables us to offer great
prices and deliver made to order personalized products with
incredible care and accuracy. We are creating disruption in the
industry by constantly pursuing cutting-edge technologies to enable
the best customer experience, including online eyewear fitting
tools, and virtual try-on for glasses. We strive to delight our
customers with our competitive prices, a convenient digital
shopping experience, fast and reliable delivery options, and an
unrelenting focus on earning our customers' lifelong trust. For
more information on KITS, visit: www.kits.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements relating to the commencement and execution of
the NCIB. These forward-looking statements generally can be
identified by the use of words such as "intend," "believe,"
"could," "continue," "expect," "estimate," "forecast," "may,"
"potential," "project," "plan," "would," "will," and other words of
similar meaning. Each forward-looking statement contained in this
press release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statement. Our business is subject to substantial
risks and uncertainties. This forward-looking information and other
forward-looking information are based on our opinions, estimates
and assumptions in light of our experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors that we currently believe
are appropriate and reasonable in the circumstances. Despite a
careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct. KITS'
risks and uncertainties are discussed in detail in the Company's
Annual Information Form, filed on SEDAR on March 6, 2024. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties. We caution investors not to rely on the
forward-looking statements contained in this press release when
making an investment decision in our securities. The
forward-looking statements in this press release speak only as of
the date of this release, and we undertake no obligation to update
or revise any of these statements, except as required under
applicable securities laws. If we do update certain forward-looking
information, no inference should be made that we will further
update such or other forward-looking information.
SOURCE KITS Eyecare Ltd.