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Revenues up 180% on Q '21
TEL AVIV, ISRAEL / ACCESSWIRE / May 17, 2022 / A2Z Smart Technologies Corp. ("A2Z" or the "Company") (NASDAQ:AZ)(TSXV: AZ), is pleased to announce its results for the three months ended March 31, 2022, alongside an operational update.
Revenues of $1.4 million for the three months ended March 31, 2022 as compared the $516 thousand for the same period in 2021 and compared to US$487 thousand for the fourth quarter of 2021, representing a 180% increase from same period in 2021 and 197% increase on Q4' 2021.
Total assets of US$15.6 million as of March 31, 2022 as compared to total assets of US$14.1 million as December 31, 2021, including cash and cash equivalents of US$5.7 million as of March 31, 2022.
Shareholders' equity remains unchanged at US$10.9 million.
Based on ongoing operations and signed purchase orders, the Company estimates that it will recognize revenues of approximately US$15 million by year end of 2022, primarily from its smart cart business.
During Q1 2022, the Company has initiated four new pilots in three countries. Should these pilots materialize to roll-outs it will generate significant additional revenue over guidance number above.
Mr. Bentsur Joseph, CEO of A2Z Smart Technologies Corp., commented on the results "We are delighted with the way we have started 2022. The acquisition of Isramat was completed in late January and the integration into the A2Z group is proceeding smoothly. The increased order from Yochananof, a leading Israeli supermarket chain, is a further validation of our lead product and testimony that it is working extremely well. The appetite and interest for the Smart Cart platform is exceeding our expectations and we are anticipating more pilots and higher order flow in the coming quarters. The increased revenue in the first quarter is already a evidence to this. Finally, our strong balance sheet and increased revenues will enable the Company to expand its operations in order to meet the anticipated increased orders."
About A2Z Smart Technologies Corp
A2Z Smart Technologies Corp. creates innovative solutions for complex challenges. A2Z's flagship product is the world's first proven-in-use mobile self-checkout shopping chart. With its user-friendly smart algorithm, touch screen, and computer-vision system, Cust2Mate streamlines the retail shopping experience by scanning purchased products and enabling in-cart payment so that customers can simply "pick & go", and bypass long cashier checkout lines. This results in a more efficient shopping experience for customers, less unused shelf-space and manpower requirements, and advanced command and control capabilities for store managers.
Cautionary Statement Regarding Forward-Looking Statements
Neither The TSX Venture Exchange Inc. nor the Nasdaq has passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Nasdaq accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
IMS Investor Relations
John Nesbett/Jennifer Belodeau
SOURCE: A2Z Smart Technologies Corp.
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