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Tantalus Systems Holding Inc. Reports Financial Results for Q2 and First Half of 2024
Burnaby, British Columbia--(Newsfile Corp. - August 6, 2024) - Tantalus Systems (TSX: GRID) ("Tan...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q2 and First Half of 2024Burnaby, British Columbia--(Newsfile Corp. - August 6, 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 and six months ended June 30, 2024. Financial & Operating Highlights for Q2 20241:Sales Orders: The Company converted $32.9 million (CND$44.7 million) of orders from its sales pipeline during the first six months of 2024. This dollar amount sets a new corporate record for orders converted within the first six months of a calendar year and represents more than 46% growth over the prior year period. The Company added fourteen new utilities through the first six months of the year, bringing its user community to 302 utilities. Revenue: The Company generated revenue of $10.7 million (CND$14.6 million), representing a 4% 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 $3.8 million from the Utility Software Applications and Services segment represented 35% of total revenue in the quarter. Annual Recurring Revenue (ARR)2: ARR stands at approximately $12.0 million (CND$16.4 million) as of June 30, 2024, representing approximately 14% growth over the prior year period. Recurring Revenue recognized during the three months ended June 30, 2024 was $2.6 million (CND$3.6 million), representing approximately 24% of total revenue for the quarter. Gross Profit Margin2: The Company continued to deliver strong Gross Profit Margin of 55% in Q2 2024, continuing its trend of exceeding 50% for this financial measure. Adjusted EBITDA2: The Company generated Adjusted EBITDA of negative $0.2 million (negative CND$0.3 million) in Q2 2024 compared to Adjusted EBITDA of $0.3 million (CND$0.4 million) for the prior year period. The Adjusted EBITDA result included approximately $1.5 million (approximately CND$2.0 million) of additional investment to commercialize the TRUSense Gateway™ product offerings. Balance Sheet: The Company ended Q2 2024 with $...