Innovotech Inc. Faces Loss Amid Growth and Investment

Innovotech Inc (TSE:IOT) has released an update.

Innovotech Inc. experienced a financial setback in 2023, posting a loss of $157,582 despite a 5.3% increase in revenue to $1.18 million. The loss was attributed to significant investments in R&D, which surged by 73.3%, and higher general and administrative expenses, including the hiring of a full-time CEO. The company remains hopeful, increasing sales and marketing efforts to leverage its two decades of scientific expertise and strong client relationships.

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