Pioneering Technology Corp. announced audited earnings results for the year ended September 30, 2016. For the year, the company announced revenue of $6,644,252 compared to $4,393,534 for the same period a year ago. Net income was $1,388,962 compared to $140,976 for the same period a year ago. EPS basic was $0.04 compared to $0.00 for the same period a year ago. Adjusted EBITDA was $1,683,346 compared to $652,641 for the same period a year ago. Revenue was slightly lower versus the preliminary results reported due to certain rebates deducted from revenue and one order that was deemed recognizable as revenue in first quarter of 2017 versus 2016. Changes in net income is due to an increase in gross margin and as a result of the income recognition of tax deferred assets which is anticipated to reduce the cash requirement on income tax expense in future periods: and.

The company provided revenue guidance for the full year of fiscal 2017. The company expects that 2017 revenue will achieve approximately 50% year over year growth on the basis of a number of factors including: its current sales pipeline; the strength of growing interest in both new and existing products; support from the U.S. fire prevention community; and the company's new distribution/channel relationships. Pending industry regulatory changes and potential OEM relationships are not currently factored into anticipated revenue growth but could contribute to incremental gains for the company.