Business
Enterprise Group Announces Results for Third Quarter 2022
St. Albert, Alberta--(Newsfile Corp. - November 11, 2022) - Enterprise Group, Inc. (TSX: E) (t...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for Third Quarter 2022St. Albert, Alberta--(Newsfile Corp. - November 11, 2022) - Enterprise Group, Inc. (TSX: E) (the \"Company\" or \"Enterprise\"), a consolidator of services to the energy sector; focused primarily on specialized equipment rental; today released its Q3 2022 results. Three months Sept 30, 2022Three monthsSept 30, 2021Nine months Sept 30, 2022Nine months Sept 30, 2021 Revenue$5,230,675 $3,916,528 $18,157,778 $13,001,357  Gross margin$1,590,08230%$1,196,41831%$6,722,05337%$4,466,48434% Adjusted gross margin(1)(2)$1,590,08230%$835,79421%$6,722,05337%$2,845,98222% Adjusted EBITDA(1)(2)$862,80716%$332,6918%$4,908,61127%$1,366,59711% Net (loss) income and comprehensive (loss) income$(677,679) $(969,492) $487,067 $(2,502,402)  (Loss) income per share - Basic and diluted$(0.01) $(0.02) $0.01 $(0.05)   (1) Identified and defined under \"Non-IFRS Measures\".(2) The Canadian Emergency Wage Subsidy and Rent Subsidy Programs ended in October 2021. To provide further comparability to pre-COVID operations, the Company has presented adjusted gross margin and adjusted EBITDA to reflect the results of operations without any subsidy programs.In April of this year, Enterprise Group officially launched a new wholly owned subsidiary, Evolution Power Projects, Inc. (\"EPP\"). EPP is the leading provider of low emission, mobile power systems and associated surface infrastructure to the Energy, Resource, and Industrial sectors. The company's highly innovative methods are delivering to its client's low emission natural gas powered systems and micro-grid technology, allowing clients to eliminate diesel entirely. EPP's systems are equipped to deliver real-time emission metrics providing its clients the assurances necessary for them to accomplish their ESG reporting and objectives.The first nine months of the year has been one of the strongest in recent history. Higher capital spending in the energy industry combined with increased customer activity levels in has resulted in improved results. Revenue for the three months ended September 30, 2022, was $5,230,675 compared to $3,916,528 in the prior period, an increase of $1,314,147 or 34%. Adjusted gross margin for the three months ended September 30, 2...