Business
Enterprise Group Announces Results for Second Quarter 2024
St. Albert, Alberta--(Newsfile Corp. - August 8, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: ...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for Second Quarter 2024St. Albert, Alberta--(Newsfile Corp. - August 8, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (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 2024 results.Three months June 30, 2024Three ended June 30,2023Six months June 30, 2024Six months June 30,2023 Revenue$7,707,282$5,549,855$20,033,570$15,468,187Gross margin$3,318,33643%$1,679,55231%$10,214,68151%$6,778,84744%Adjusted EBITDA(1)$2,651,69434%$1,115,87620%$8,989,54745%$5,508,55836%Net income and comprehensive income$76,423$(525,736)$4,067,937$2,275,599 Income per share - Basic $0.00$(0.01)$0.07$0.05 Income per share - Diluted$0.00$(0.01)$0.07$0.05  (1) Identified and defined under \"Non-IFRS Measures\".During the half of the year, the Company was able to build upon the momentum from 2023. Market conditions were favourable for the energy sector, resulting in additional drilling, completion, and infrastructure projects. Also, the increasing demand for natural gas power generation systems indicates a shift towards lower emission alternatives. Overall, these factors contributed to the Company's strong results in the first half of 2024. Revenue for the three months ended June 30, 2024, was $7,707,282 compared to $5,549,855 in the prior period, an increase of $2,157,427 or 41%. Gross margin for the three months ended June 30, 2024, was $3,318,336 compared to $1,679,552 in the prior period, an increase of $1,638,784 or 98%. Adjusted EBITDA for the three months ended June 30, 2024, was $2,651,694 compared to $1,115,876 in the prior period, an increase of $1,535,818 or 138%. Revenue for the six months ended June 30, 2024, was $20,033,570 compared to $15,468,187 in the prior period, an increase of $4,565,383 or 30%. Gross margin for the six months ended June 30, 2024, was $10,214,681 compared to $6,778,847 in the prior period, an increase of $3,465,834 or 51%. Adjusted EBITDA for the six months ended June 30, 2024, was $8,989,547 compared to $5,508,558 in the prior period, an increase of $3,480,989 or 63%. Increases in revenue, g...