Stocks which may have tanked one day can make a recovery the next days and hence, it might be a good idea to keep an eye on the Patriot One Technologies Inc (OTCMKTS:PTOTF ) stock this morning.
Market Action:
On Thursday, PTOTF stock slid 2.72% at $0.3575 with more than 201.05K shares, compared to its average volume of 90.89K shares. The stock has moved within a range of $ .3484 – 0.3696 after opening the trade at $0.3660.
Quarterly Financial Earnings
Yesterday, the tech driven threat detection and patron screening services company, announced its financial results for the fourth quarter as well as the fiscal year, both of which ended on July 31, 2021. The numbers did not seem to impress investors and the stock declined by as much as 8% on Thursday as a consequence.
In the year that ended on July 31 this year, Patriot One managed to generate revenues of as much as $1.1 million and that was considerably lower than the $2.1 million in revenues that had been generated in the prior year period.
The higher revenues in the prior year period was primarily a result of the proceeds from selling Patriot One Platforms to Innovative Solutions Canada during the fiscal year. However, the loss from operations in the latest fiscal year narrowed to $12.8 million from $23.4 million. The company had managed to reduce losses after having instituted cost cutting methodologies and by raising efficiency of its operations.
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