Business
Enterprise Group Announces Results for Second Quarter 2023
St. Albert, Alberta--(Newsfile Corp. - August 11, 2023) - Enterprise Group, Inc. (TSX: E) (the "...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for Second Quarter 2023St. Albert, Alberta--(Newsfile Corp. - August 11, 2023) - Enterprise Group, Inc. (TSX: E) (the \"Company\" or \"Enterprise\"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energy/resource sector), emphasizing technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for small to Tier One resource clients, is pleased to announce its Q2 2023 results. Three months June 30, 2023 Three months June 30, 2022 Six months June 30, 2023 Six months June 30, 2022  Revenue$5,459,855 $5,297,685 $15,468,187 $12,927,103 Gross margin$1,679,55231%$1,610,18830%$6,778,84744%$5,131,97340%Adjusted EBITDA(1)$1,115,87620%$1,015,97819%$5,508,55836%$4,045,80331%Net (loss) income and comprehensive (loss) income$(525,736) $(513,268 $2,275,599 $1,164,744 (Loss) income per share - Basic and Diluted$(0.01) $(0.01 $0.05 $0.02    (1) Identified and defined under \"Non-IFRS Measures\". The first six months of the year was one of the strongest in recent history. The second quarter of 2023 equalled the prior year results despite returning to its typical seasonal slowdown of spring breakup and road bans. In the previous year, instead of slowing down in Q2, the industry worked through and retooled in Q3 of 2022. The second quarter of 2023 also had the challenge of forest fires in Northern Alberta and British Columbia, which resulted in mandatory evacuation orders and workplace shutdowns, reducing activity in the affected areas and supressing the quarterly results. Revenue for the three months ended June 30, 2023, was $5,459,855 compared to $5,297,685 in the prior period, an increase of $162,170 or 3%. Gross margin for the three months ended June 30, 2023, was $1,679,552 compared to $1,610,188 in the prior period, an increase of $69,364 or 4%. Adjusted EBITDA for the three months ended June 30, 2023, was $1,115,876 compared to $1,015,978 in the prior period, an increase of $99,898 or 10%. Revenue for the six months ended June 30, 2023, was $15,468,187 compared to $12,927,103 in the prior period, an increase of $2,541,084 or 20%. Gross margin for the six months ended June 30, 2023, was $6,778,847 compared to $5,131,973 in the prior period...