Business
Tantalus Systems Holding Inc. Reports Financial Results for Q2 of 2022
Burnaby, British Columbia--(Newsfile Corp. - August 9, 2022) - Tantalus Systems (TSX: GRID) ("...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q2 of 2022Burnaby, British Columbia--(Newsfile Corp. - August 9, 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 second quarter ended June 30, 2022.\"We are pleased with the progress our team continues to make in 2022 despite operating in a challenging business environment. In addition to delivering revenue growth of approximately 13% in the quarter as compared to last year, we also had 5 new utilities join our user community during Q2,\" stated Peter Londa, President & CEO of Tantalus. \"In addition to expanding our user community, we delivered a new milestone for converted orders from our sales pipeline for the first six months of a calendar year at $24.7 million, reflecting 44% growth year-over-year. We also set a new high-water mark for our Annualized Recurring Revenue1 which now stands at $9.0 million.\" Consolidated Financial Highlights2: Revenue3 in the quarter increased by 13% year-over-year to $9.1 million for the quarter. Despite inflationary pressures, Gross Profit Margin4 remained relatively constant at 46% for the quarter. Due to investments being made in R&D to bring new products to market, Adjusted EBITDA was ($1.5 million) for the quarter. These near-term investments in R&D are tied to key growth initiatives for the Company.The Balance Sheet remained strong with total assets amounting to $37.8 million, inclusive of $9.8 million in cash. Adjusted Working Capital5 was $6.6 million. \"As we continue to witness favorable tailwinds across the utility industry, we are investing heavily in the development of our TRUSense IP Gateway, expanding our AI-enabled data analytics capabilities and integrating the software capabilities of Congruitive, our recently announced acquisition. The combination of the TRUSense IP Gateway and Congruitive's software places Tantalus at the forefront of becoming a market leader in assisting utilities with their preparation for the integration of electric vehicle charging infrastructure and the adoption of distributed energy resources, such as solar, storage and microgrids, and the delivery of broadband services. Our nea...