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Tantalus Systems Holding Inc. Reports Financial Results for Q1 of 2024
Delivers record sales orders for the quarter Burnaby, British Columbia--(Newsfile Corp. - May 7,...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q1 of 2024Delivers record sales orders for the quarterBurnaby, British Columbia--(Newsfile Corp. - May 7, 2024) - Tantalus Systems (TSX: GRID) (\"Tantalus\" or the \"Company\"), a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data, is pleased to announce its financial and operating results for the quarter ended March 31, 2024. Financial Highlights for Q1 20241:Sales Orders: The Company converted US$21.6 million (CND$29.2 million) of orders from its sales pipeline during Q1 2024. This dollar amount sets a new corporate record for orders converted within a quarter representing more than 20% growth over the previous high-water mark of US$17.7 million (CND$24.0 million) set during Q1 of 2023. The Company also added 5 new utilities to its user community, which stands at 293 as of March 31, 2024.Revenue: The Company generated revenue of $9.4 million (CND$12.7 million), representing a 10% decrease over the same period in 2023. The decline is tied to the timing of converting orders from the Company's pipeline, which can vary throughout the course of a calendar year, and capacity allocations with meter partners. Revenue contributions of $3.6 million from the Utility Software Applications and Services segment (\"Software & Services\") increased by 7% and represented 38% of total revenue in the quarter, an increase from 32% in the prior year period. Annual Recurring Revenue (ARR)2: ARR grew to approximately US$11.6 million (CND$15.7 million) as of March 31, 2024, representing approximately 16% growth year-over-year. Recurring revenue recognized during the three months ended March 31, 2024, increased by 11% over the prior year period as deployments of the Company's Connected Devices and Infrastructure products continue to deliver incremental Software & Services revenue opportunities.Gross Profit Margin2: The Company delivered Gross Profit Margin of 53% in Q1 2024 as compared to 47% from the prior year period. Adjusted EBITDA2: The Company delivered Adjusted EBITDA of (US$0.5 million) (CND$0.7 million) in Q1 2024 compared to Adjusted EBITDA of (US$0.7 million) (CND$0.9 million) for the prior year period. The Adjusted EBITDA result for Q1 2024 includes expenses associated with two large industry tradeshows that...