Not for distribution to U.S. news wire services or for dissemination in the United States Avante Corp. achieved 46% year-over-year revenue growth in the first quarter with Recurring Monthly Revenues improving by 23%. The Company anticipates accelerated growth in Fiscal 2025, driven by the NSSG acquisition and continuing to combine organic growth with strategic acquisitions. TORONTO-Ontario, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Avante Corp. (TSX.V: XX) (OTC:ALXXF) ("Avante" or the "Company") is pleased to announce its financial results for its first fiscal quarter ended June 30, 2024 all amounts in Canadian dollars thousands, unless otherwise indicated). Manny Mounouchos, Founder, Chief Executive Officer and Board Chair of Avante, commented, "The first quarter of fiscal 2025 marked an exceptional period of growth for Avante, with a 46% increase in quarterly revenue compared to the previous year. Our core business remains strong, demonstrated by a 23% growth in Recurring Monthly Revenue. The success of the NSSG acquisition is evident in our continued growth as it positions us to significantly expand our international revenue and enhance our global customer service capabilities. We remain dedicated to pursuing organic growth, complemented by strategic acquisitions, to further strengthen the Avante Security business." Raj Kapoor, Avante's Chief Financial Officer, added, "I am pleased to report that we maintain a robust balance sheet, enabling us to fund the Company's organic growth initiatives through positive cash flows from operations. We continue to forecast a positive outlook for fiscal 2025." QUARTERLY FINANCIAL HIGHLIGHTS FOR THE FIRST FISCAL QUARTER ENDED JUNE 30, 2024: Within continuing operations, the Company reported revenue of $7,915 during the first quarter of fiscal 2025, representing year-over-year revenue growth of 46%, or $2,504, compared to $5,410 for the prior fiscal year first quarter. The increase was mainly due to the acquisition of NSSG and an increased demand for the Company's products and services. Total gross profit from continuing operations increased by $1,076 in the first quarter of fiscal 2025 compared to the same quarter in fiscal 2024. Gross profit margins within continuing operations remained relatively stable at 39% compared to 38% during the prior year's first quarter, indicating a consistent level of profitability. The Avante Security segment delivered recurring monthly revenues ("RMR") of $3,262 during the first quarter of fiscal 2025, up from $2,648 during the Company's first quarter in the prior year, a year-over-year growth of 23%. The increase was due to the acquisition of NSSG, and organic growth of the Company's domestic business including increased revenue from Avante Black service. The Company achieved Adjusted EBITDA gain from continuing operations of $363 during the first quarter, compared to a gain of $407 for the prior fiscal year first quarter. OUTLOOK Management maintains a positive outlook for Fiscal 2025. The Company's long-term financials serve as a guide to developing and executing long-term corporate strategy. Management is pleased to reiterate the Company's long-term financial objectives: Invest in tuck-in acquisitions to build its Avante Security business; Build recurring revenues; Achieve consolidated Adjusted EBITDA margins consistent with its industry; Achieve growth in adjusted net income per share; Reinvest cashflow in future business growth. SUMMARY FINANCIAL RESULTS FOR THE FIRST FISCAL QUARTER ENDED JUNE 30, 2024: Readers should refer to the Company's financial statements and MD&A in respect of its year March 31, 2024, for additional risk factors, accounting policies, detailed financial disclosures, reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures, related party transactions, contingencies, and reporting of subsequent events. Such financial statements and MD&A are incorporated by reference into this news release and are filed electronically through the System for Electronic Document Analysis and Retrieval ("SEDAR+"), which can be accessed at www.sedarplus.ca.   Three Months Ended $ thousands unless otherwise noted Jun. 30, 2024 Mar. 31, 2024 Dec 31, 2023 INCOME STATEMENT INFORMATION: Q1 F25 Q4 F24 Q3 F24 RMR in the period, continuing operations (1) $3,262  $3,019  $2,889  Revenues, continuing operations (1) $7,915  $7,259  $6,941  Gross profit, continuing operations (1) $3,006  $3,211  $2,948  Gross profit margin, continuing operations (1)  38.0%  44.2%  42.5% Adjusted EBITDA, continuing operations (1) $363  $(1,899) $442  Net Income (loss), continuing operations (1) $(128) $(2,738) $3  Net Income (loss) $(128) $(2,738) $3  Average Common Shares during the quarter  26,643,739   26,643,739   26,575,442