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Tantalus Systems Holding Inc. Reports Financial Results for Q2 2021 Delivers 18th Consecutive Quarter of Positive Adjusted EBITDA
Burnaby, British Columbia--(Newsfile Corp. - August 16, 2021) - Smart grid technology leader T...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q2 2021 Delivers 18th Consecutive Quarter of Positive Adjusted EBITDABurnaby, British Columbia--(Newsfile Corp. - August 16, 2021) - Smart grid technology leader Tantalus Systems Holding Inc. (TSX: GRID) (\"Tantalus\" or the \"Company\") today announced the financial results for the second quarter, ended June 30th, 2021.The Company witnessed favorable trends throughout Q2 as the utility industry continues to recover from disruptions resulting from the COVID-19 pandemic. The favorable trends translated into strong financial results for Q2 including revenue growth of 3% year-over-year and an 18th consecutive quarter of delivering positive Adjusted EBITDA. The Company also added an additional 6 utilities to its user community within the quarter, bringing the total number of new utility customers to 11 through the first six months of 2021. The financial and commercial results delivered during Q2 2021 bode well for the Company and demonstrate management's ability to continue to navigate through unforeseen challenges at a macro-level. \"We are pleased with the positive momentum that continues to build in our sector given the impact extreme weather, calls for decarbonization and changing consumer expectations are having on the utility industry. With the closing of our recent financing announced on August 12th of this year, our balance sheet has never been stronger and will enable us to actively pursue our multi-pronged growth strategy to support public power and electric cooperative utilities,\" said Peter Londa, President and CEO of Tantalus. \"While COVID-19 and the global supply constraints of semiconductors and electronic components are impacting our entire industry, we remain confident that Tantalus is well positioned to continue to expand our user community through customer acquisition and deliver next-generation smart grid solutions with predictive analytics to help build sustainable utilities.\" Q2, 2021 Financial SummaryFinancial information is reported by Tantalus in United States dollars (\"US$\") unless otherwise specified and is presented in accordance with International Financial Reporting Standards (\"IFRS\").Key results for the quarter are compared to the same timeframe in the previous year unless otherwise stated.Revenue reported of US$8.0 million compared to ...