First Quarter Highlighted by positive Adjusted EBITDA benefiting from 2023 restructuring TORONTO, May 30, 2024 /CNW/ - Pluribus Technologies Corp. (TSXV:PLRB) ("Pluribus" or the "Company"), a growing acquiror of small, profitable technology companies, today announced its financial results for the first quarter ended March 31, 2024. The Company's consolidated financial statements and accompanying notes for the quarters ended March 31, 2024 and 2023 are available under Pluribus' profile on SEDAR+ (www.sedarplus.ca). All dollar amounts are in thousands of Canadian dollars unless otherwise noted. Certain metrics, including Adjusted EBITDA, are non-IFRS measures (see Non-IFRS Measures below). "We achieved positive Adjusted EBITDA in Q1 2024, driven by a perpetual license sale in the UK and the benefits from our 2023 cost restructuring," stated Richard Adair, CEO of Pluribus. "Our current priority is to continue the strategic review and explore ways to enhance the company's capital structure. The sale of HealthTech in May was a promising initial move." Selected Financial and Business Highlights for the First Quarter On May 10, 2024, the Company closed the sale of substantially all of the assets, tangible and intangible, of its wholly-owned subsidiary, TeleMED Diagnostic Management Inc., and all of the issue and outstanding fully-diluted shares of its wholly-owned subsidiary, TDM Telehealth Technology Ltd. (together "HealthTech") (the "Sale Transaction"). The Sale Transaction closed on May 10, 2024 for an aggregate purchase price of $5,070, and certain proceeds were used to pay down Bank debt. The financial results of HealthTech are excluded from reported figures below, unless otherwise stated as discontinued operations. Revenue for the quarter increased by $810 or 9% from $8,729 in 2023 to $9,539 in 2024. The increase in revenue was primarily driven by eLearning ($1,120) due to a perpetual license sale at SkilSure ($1,109), offset by a decline in eCommerce revenue ($359). Adjusted EBITDA1 for the quarter increased by $1,643, or 241% from $682 in 2023 to $2,325 in 2024 due to the increase in revenue and lower cost base following the restructuring undertaken by the Company in 2023. The Company incurred a net loss of $1,812 for the quarter ended March 31, 2024 compared to a net loss of $1,885 for the comparable period in 2023. This is primarily due to the increase in Adjusted EBITDA ($1,643) offset by the increase in acquisition costs ($585), the loss on revaluation of contingent consideration ($480), and the increase in income taxes ($362). Cash on hand at March 31, 2024 was $1,504 compared with $1,279 on December 31, 2023. The Company signed a forbearance agreement with National Bank in January 18, 2024. The agreement was subsequently amended in March 2024, April 2024 and May 2024. 1 Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Measures section of this news release. These measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.  Results of Operations (000's) Three Months For the period ended March 31, 2024 2023 Var Var $ $ $ % Revenue 9,539 8,729 810 9 % Gross Profit 6,763 5,420 1,343 25 % Operating Expenses 4,438 4,738