Namaste Technologies net revenue increases 106% year-over-year
Namaste Technologies (CSE: N) published its unaudited quarterly financial statements, management's discussion and analysis and certification of the quarterly filings for the third quarter ended May 31, 2018 (see full report here).
Net revenues for the three months ended May were $4.1 million, an increase of 32% increase over the same quarter a year earlier. Net revenue for the nine months ended May 31 were up 106% compared to the same period a year earlier.
The sale of U.S. assets in December 2017 negatively impacted the latest quarter. Even taking that into account, there was a fairly significant slowdown in third quarter sales.
It appears Namaste’s acquisition strategy is keeping reported sales rising albeit at a slower rate while margins deteriorate. We will continue to watch and wait as these results are not the environment in which a normal course issuer bid (share buyback) should be used.