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Tantalus Systems Holding Inc. Reports Financial Results for Q1 of 2023
Delivers record results for revenue generated during a first quarter and orders converted in a qu...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q1 of 2023Delivers record results for revenue generated during a first quarter and orders converted in a quarterBurnaby, British Columbia--(Newsfile Corp. - May 9, 2023) - 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 quarter ended March 31, 2023.Financial Highlights for Q11:Revenue: Generated $10.4 million (CND$14.1 million), representing 12% growth over the prior year period. This revenue amount sets a record for the Company in terms of revenue generated during a first quarter. Revenue from the Utility Software Applications and Services segment represented 32% of total revenue in the quarter. Annual Recurring Revenue (ARR)2: Grew approximately 22% to $10.0 million (CND$13.6 million) as compared to $8.2 million (CND$10.4 million) from the prior year period. ARR recognized in the quarter represented 23% of total revenue generated in the quarter.Gross Profit2 Margin: Remained fairly constant at 47% compared to 48% over the prior year period. Adjusted EBITDA2: Delivered negative $0.7 million (negative CND$0.9 million) as compared to negative $0.7 million (negative CND$0.9 million) for the prior year period. While the numbers are similar, Q1 of 2022 did not include a full quarter of expenses from Congruitive, which was acquired in February 2022. The negative Adjusted EBITDA in the quarter was primarily tied to the ongoing R&D effort to commercialize the TRUSense™ Gateway product offering.Total Assets: Ended the quarter with $38.9 million (CND$52.6 million) as compared to $37.4 million (CND$50.7 million) as of December 31, 2022. Sales Orders: The Company converted $17.7 million (CND$24.0 million) from our sales pipeline in Q1, setting a new milestone for orders converted within a quarter. The previous milestone of $16.0 million (CND$21.6 million) was set in Q1 of 2022. In addition, the Company also added 7 new utilities during the quarter to grow its User Community to 278 utilities. \"We continue to build momentum and are pleased with the progress made during Q1,\" said Peter Londa, President & CEO of Tantalus. \"Delivering new financial and commercial milestones are a direct result...