Canadian ride-maker Dynamic Technologies Group showed a $5.3m drop in revenues for its second quarter, down 40 per cent from the comparative period of last year.
There was an EBITDA loss of $2.3m, compared with an EBITDA loss of $2m last year, driven largely by reduced revenues. The company suffered a net loss in the quarter of $5m, against a loss of $5.4m.
CEO Guy Nelson said: “Refinancing our senior debt on August 5 of this year was a critical first step in our planned pivot to the design, built, own and operate business model for putting our world-class attractions in tourist based locations. We have a new senior lender, who is also a strategic equity owner and is committed to supporting this transition.
“The second financing step continues to advance albeit at a lower pace than planned. It is unfortunate that our overall financing plan could not be closed in time to positively impact the second quarter results, but we remain bullish about our strategy in the long-term because of the several high-value coventure opportunities in our pipeline that have significant recurring earnings potential for Dynamic.”
