Kelyniam Global Inc. (OTC:KLYG) Stock Jumps After Q4 Earnings Update

This morning, it could be a good move for investors to perhaps look into developments that took place over the weekend, and one of the companies to track could be Kelyniam Global Inc. (OTC:KLYG). On March 17, the company was in the news cycle after it announced its financial results for the fiscal year that ended on December 31, 2023. The Chief Executive Officer of the company, Ross Bjella, spoke about the development as well.

He noted that Kelyniam Global had been successful in setting a new record in terms of unit sales in the fourth fiscal quarter, and that resulted in higher unit sales for the full year in comparison to 2022. He went on to note that the company was excited about the stronger sales momentum in the fourth quarter, but total revenues had actually gone down 12% year on year. That had come about since the management of the company had opted to focus on certain strategic investments in infrastructure and personnel in the earlier part of 2023.

In the news release, the company also provided some of the key highlights from the fiscal year results. Revenues dropped 12% year on year to $2,672,357 from $3,017,599 in the previous fiscal year. In the previous year, the company posted operating income of $69,322, but in the 2023 fiscal year, it came in at a loss of $239,166, and that worked out to a 345% drop. The net losses for the fiscal year widened to $218,471 from $97,560 in the prior-year period. That worked out to a drop of 222%. Bjella also noted that the slower-than-projected sales in the summer had been somewhat offset by the sequential growth of 40% in terms of revenues in the fourth quarter. It remains to be seen how the Kelyniam Global stock performs today.