Ameritek Ventures Reports 29% Revenue Decline but Achieves Net Income Turnaround for Fiscal Year 2024

Ameritek Ventures, Inc. reported a significant shift in its financial performance for the fiscal year ending December 31, 2024, with operating revenue totaling $678,300, a decrease of 29% from $949,438 in 2023. This decline is attributed to the sale of its subsidiaries, Interactive Systems and interlinkONE, to ZenaTech, which took effect on October 1, 2024. Despite the drop in revenue, the company achieved a net income of $4,496,799, a notable recovery from a net loss of $58,910 in the previous year. This turnaround was primarily driven by a substantial increase in other income, which rose by $4,496,799 due to a gain on asset disposal from the sale of Ecker Capital.

Total operating expenses also saw a significant reduction, decreasing by 44% to $458,968 in 2024, down from $822,896 in 2023. The decrease in expenses was largely due to the divestiture of the two subsidiaries, which were responsible for generating both revenue and expenses. Development and support expenses fell by 43% to $294,434, while general and administrative expenses decreased by 41% to $132,398. The company also reported a 61% reduction in depreciation and amortization expenses, reflecting the impact of the asset sales.

In terms of operational metrics, Ameritek's total assets increased to $7,185,283 as of December 31, 2024, compared to $3,795,347 in 2023, largely due to the acquisition of securities from ZenaTech. The company’s cash position, however, declined to zero from $5,618 in the previous year, indicating a reliance on borrowings to finance operations. The total number of common shares outstanding increased to 613,226,791, with approximately 110 record holders. The company has not paid cash dividends on its common stock and intends to retain future earnings to support business growth.

Looking ahead, Ameritek Ventures anticipates that its current cash equivalents and short-term investments, along with potential equity or debt securities issuance, will be sufficient to meet its foreseeable cash requirements. The company has not reported any significant off-balance sheet arrangements that could materially affect its financial condition. However, it acknowledged material weaknesses in its internal controls over financial reporting, primarily due to the absence of a functioning audit committee and inadequate segregation of duties, which management is addressing to enhance oversight and compliance.