Business
Tantalus Provides Guidance on Strong Q4, 2020 Results
Secular Trends Across the Utility Industry Serve as a Catalyst for Growth Burnaby, British Co...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Provides Guidance on Strong Q4, 2020 ResultsSecular Trends Across the Utility Industry Serve as a Catalyst for GrowthBurnaby, British Columbia--(Newsfile Corp. - March 8, 2021) - Smart grid technology leader Tantalus Systems (TSXV: GRID) today provided guidance regarding its Q4, 2020 results. Q4 ENDED DECEMBER 31, 2020 OVERVIEW GUIDANCE (unaudited): Based on preliminary results, Tantalus anticipates reporting Q4, 2020 revenue of US$9.0 million to US$9.5 million compared to US$10 million for the same period in 2019. While the overall revenue performance is lower year-over-year, the strong finish to 2020 reflects improving conditions despite economic and operational difficulties witnessed across the utility sector throughout the calendar year due to the impact of COVID-19. Gross Profit increased to approximately 52% in the quarter as compared to 46% for the same period in 2019 due to product mix and increasing contributions from software and services. Gross Profit increased to approximately 49% for year-end 2020 as compared to Gross Profit of 44% in 2019 reflecting operating leverage in Tantalus' business model and continued scaling of revenue contributions from enterprise software and professional services. Tantalus also secured 20 new deployments during 2020, increasing Tantalus' user community to over 185 public power and electric cooperative utilities across Canada, the United States and the Caribbean Basin. Tantalus is preparing several new product introductions in the coming months including a next-generation Fiber-to-the-Home solution to help utilities access real-time power quality and consumption data and offer broadband services to address the digital divide, an advanced Momentary Outage Analytics software application helping pinpoint issues on feeder and circuit lines and an expansion of Tantalus' meter integration partners, all of which are expected to contribute to Tantalus' growth in the coming years. In addition to the strong financial performance in Q4, Tantalus supported seven utilities across Texas during the recent energy crisis and helped those members of our user community mitigate the impact of rolling black-outs caused by the severe storm which brought the electric and water grids across the state to a grinding halt. Tantalus salutes the essential energy personnel working around the clock to restore...