Business
Tantalus Systems Holding Inc. Reports Financial Results for Q1, 2022
Burnaby, British Columbia--(Newsfile Corp. - May 10, 2022) - Tantalus Systems (TSX: GRID) ("Ta...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q1, 2022Burnaby, British Columbia--(Newsfile Corp. - May 10, 2022) - Tantalus Systems (TSX: GRID) (\"Tantalus\" or the \"Company\"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce its financial and operating results for the first quarter ended March 31, 2022.\"We are pleased with our financial results and operating performance despite navigating through a challenging business environment. Revenue contributions from our software and services business segment continue to improve our financial performance and increased to 36% of our total revenue profile in the quarter. Revenue from our Connected Devices and Infrastructure segment also grew as supply chain challenges began to stabilize throughout the quarter. Additionally, we witnessed our Gross Profit Margin increase to 48% as compared to 45% a year ago,\" stated Peter Londa, President & CEO of Tantalus. \"Beyond our financial results, the feedback we continue to receive regarding our acquisition of Congruitive is extremely favorable, as the combined capabilities deliver a differentiated and secure smart grid platform that empowers utilities to connect devices deployed at the edge of the grid, where people live and work, directly to mission-critical systems that utilities rely upon every day to deliver power. While the current business environment remains fluid, we continue to witness strong momentum as utilities seek to digitize distribution grids to improve their resiliency and prepare for the broad adoption of electric vehicles, solar installations and distributed storage.\"Consolidated Financial Highlights1: Revenue for the Company increased by 16% to $9.3 million as compared to the prior year, reflecting the momentum witnessed across Tantalus' target market. Utility Software Applications and Services revenue increased by 28% to $3.4 million and represented 36% of total revenue as compared to 33% for the same period last year. The increase from software and services is tied to the increasing number of connected endpoints that drives software licenses and recurring maintenance and support agreements. Congruitive's software and services contributed approximately $290,000 in the quarter. Connected Devices and Infrastructure revenue increased by 10...