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RENO, Nevada, April 01, 2022 (GLOBE NEWSWIRE) -- Elvictor Group Inc. (OTC Pink: ELVG) (“Elvictor” or the “Company”) announced today that on March 31st, 2022 the Company filed its financial and operating results for the full year ended December 31, 2021. The Company's Financial Statements are available on the Company's website at www.elvictorgroup.com and in the Company’s Annual Report on Form 10-K filed with the U.S. Securities Commission (“SEC”) on March 31, 2022, on the SEC’s website at www.sec.com.
Full Year 2021 Financial Highlights:
Revenue for Fiscal Year 2021 was $2,387,020, which represented an increase of $1,920,456 or 412% compared to revenue of $466,658 for the same period in 2020.
Gross Profit for Fiscal Year 2021 was $1,367,249 translating to a Gross Profit Margin of 57.3%, which represented an increase of $1,269,516 or 1,299% compared to Gross Profit of $97,733 for the same period in 2020, with a respective Gross Profit Margin of 20.9%.
Net Loss for the Fiscal Year 2021 was $43,164,740 incorporating a non-cash Loss from Conversion of Preferred Stock to Common Stock equal to $43,147,786. Net Loss for the same period in 2020 was $449,057.
Adjusted EBITDA, a non-GAAP measure, for Fiscal Year 2021 was $(14,623) compared to $(353,677) for the same period in 2020.
At December 31, 2021 the Company had no interest bearing liabilities and its total Current Liabilities were equal to $588,103 while its total Current Assets were equal to $1,020,233. The Company had a working capital surplus of $432,130 at December 31, 2021 compared to a deficit of $(128,071) at December 31, 2020.
Konstantinos Galanakis, Chief Executive Officer of Elvictor stated, “We are pleased with the operating results achieved during 2021, marking a significant increase of the Company’s Revenue which we expect to continue in 2022. As new clients are onboarded, and current clients increase their fleet, we believe that we will be able to improve our profitability margins through the realization of economies of scale.
“Elvictor’s access to public markets and zero leverage gives us the opportunity to be able to attract capital to attain significant business opportunities. We live in a highly fluid business environment with several unprecedented challenges including the Covid-19 pandemic, increased inflation rates and the Ukraine conflict. We believe that Elvictor will successfully navigate challenges and improve its strategic position.”
Gross profit margin is calculated as gross profit (which equals total revenue less directly attributable cost of revenue) divided to total revenue.
Working capital is defined as current assets minus current liabilities.
EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude Loss from Conversion of Preferred Stock to Common Stock and the impact of other items that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA calculation is analyzed below:
Net Income (loss)
Add: Net financing cost
Add: Income taxes
Add: Depreciation and amortization
Add: Conversion of preferred shares
About Elvictor Group, Inc.:
Elvictor Group, Inc. (OTC Pink: ELVG), a Nevada corporation, is a technology centric company driving innovation and efficiencies in global ship management. Utilizing leading edge technologies, Elvictor is developing, deploying, and converging innovative technologies that can improve vessel and crew management performance. Technologies that drive specific solutions that improve the efficient operation of vessels with cost-effective, timely, and reliable solutions. Solutions that meet the complex global regulatory compliance requirements of global crew and ship management and ensure that our clients achieve their goals and objectives. For more information, visit http://www.elvictor.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. We have based these forward-looking statements largely on our current estimates of our financial results and our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs as of the date of this press release. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, including the adverse effects of the Covid-19 pandemic on our customers, suppliers and employees and our inability to predict or measure supply chain disruptions resulting from the Covid-19 pandemic and other drivers, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this press release, to conform these statements to actual results or to changes in the Company’s expectations.
The Company’s filings with the SEC are available to you and you should read the documents the Company has filed with the SEC for more complete information about the Company. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Elvictor Group Inc.
Investor Relations / Media Contact:
Nicolas Bornozis / Paul Lampoutis
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526