TORRANCE, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Tytan Cybernetics/Video River Networks “the Company” (OTC: NIHK), an innovative holding company for electric vehicle technology, fintech, AI, robotics, drones, distressed assets, and business opportunities within the high growth, fintech, AI, health, sports and entertainment industries, reports fourth consecutive quarter of profitability.
The Company also reported record second quarter 2022 results, leading to net income for the quarter of $0.97 million, impressive YTD revenue growth of 144.18% YoY to $9.87 million. YTD net income from operations exploded by 1,330.66% YoY to $1.57 million, driven by financial and operational improvements across all its lines of businesses.
Management Commentary
"We continue to see financial and operational improvements, which allowed us to deliver another quarter of profitability," said Frank I Igwealor, President and CEO of Tytan Cybernetics, Inc. "As we grow our business lines to unlock new growth avenues, our strategy to generate operational efficiencies is also taking hold, as reflected by our notable year-over-year and sequential improvements in Net Income during the quarter. We are pleased to see our financial engineering-based approach to enhancing our shareholders’ value take effect, which will allow us to have greater financial flexibility to conduct mergers and acquisition in the quarters ahead. I look forward to the remainder of 2022, which is shaping up to be a strong year for Tytan Cybernetics as we work diligently to generate long-term value for our stakeholders."
First Quarter 2022 Financial Results
- Year-to-date revenues increased by 144.18% YoY to $9.87 Million.
- Net Income for the second quarter of 2022 increased significantly to $0.97 million, compared to -$296,070 in the same year-ago quarter
- Gross profit in the second quarter of 2022 increased to a record $1.09 million, compared to -$218,424 in the same year-ago quarter.
- Earnings per Share (EPS) were $0.0053 in the second quarter of 2022, representing an improvement of 128.14% from the same year-ago quarter.
The full text of the Company's Annual Report on Form 10-Q for the quarter ended June 30, 2022 was filed with the SEC on August 19, 2022 and can be found here.
About Tytan Cybernetics, Inc.
Tytan Cybernetics, Inc. is an innovative holding company for electric vehicle technology, fintech, AI, robotics, drones, distressed assets, and business opportunities within the high growth, fintech, AI, health, sports and entertainment industries with a focus on investing and bringing to market the next generation of high-performance state-of-the-art products and services. The company’s current and expanding technology portfolio includes electric vehicles, artificial intelligence, machine learning and robotics ("EV-AI-ML-R"), with businesses and operations in North America and Asia. With a commitment to revolutionary technology, Tytan Cybernetics is in the process of cultivating prosperous technologies to enhance consumers’ cybernetic experience.
For more information, please check the latest updates on the company's Twitter account https://twitter.com/NIHKEV
Forward Looking Statements
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Relations Contact:
Email: invest@cdbxfund.com
SOURCE: Tytan Cybernetics, Inc.
