On Wednesday, TrustBIX Inc (OTCMKTS:TBIXF) came into the news cycle after it announced its financial results for the second fiscal quarter that had ended on March 31, 2022. It may be a good idea for investors to take a closer look at the highlights from the financial results and then make their minds up about the stock.
Market Action
On Wednesday, TBIXF stock ended flat at $0.1027 with 2.4K shares, compared to its average volume of 369K shares. The stock moved within a range of $0.1027 – 0.1027 after opening trade at $0.1027.
Earnings Recap
The revenues dropped markedly to $411,726 for the quarter and reflected a year-on-year drop of as much as 45.1%. On the other hand, the operating expenses for the second quarter stood at $1,416,822 and that reflected a year-on-year rise of as much as 16.1%.
Rising costs and declining revenues can never be seen as a good omen for any company and it is going to be interesting to see how investors react to the financial results over the coming days. The delays caused to the delivery of AMP sales and the reduction in pork probe sales in China were some of the factors behind the significant decline in revenues for TrustBIX. However, the company noted that it remained optimistic about the future prospects since it had agreements in place with some of the biggest food companies.
Key Quote
“Revenue was down due to delays in delivery of AMP sales to next quarter, reduced pork probe sales in China, and the completion of the All-West Demolition biomass and waste systems contract. Despite these challenges during this quarter, we are very optimistic going forward as we find success in new agreements with major food companies, engage agri-food producers and consumers, and realize the potential from our recent acquisition of Insight,” said Hubert Lau, TrustBIX CEO.
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