Business
Tantalus Systems Holding Inc. Reports Financial Results for Q2 of 2023
Delivers record results for revenue during a second quarter and gross profit margin while posting...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q2 of 2023Delivers record results for revenue during a second quarter and gross profit margin while posting positive Adjusted EBITDA and investing in future growthBurnaby, British Columbia--(Newsfile Corp. - August 14, 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 June 30, 2023 (\"Q2\"). Financial Highlights for Q21:Revenue: Generated $11.2 million (CND$15.0 million), representing 24% growth over the prior year period and setting a new milestone for revenue generated during the second quarter of a year. Revenue in Q2 from the Utility Software Applications and Services segment (\"Software & Services\") represented 37% of total revenue in the quarter and included the first commercial license of the C.IQ Connect software platform to an investor-owned utility. Coupled with its first quarter revenue results, the Company set a new milestone for revenue generated during the first six months of a year at $21.6 million (CND$29.2 million). Annual Recurring Revenue (ARR)²: Grew to approximately $10.5 million (CND$14.1 million), representing 17% growth over the prior year period. Recurring Revenue recognized in the quarter represented 25% of total Q2 revenue. Gross Profit² Margin: Delivered 56% as compared to 46% from the prior year period. The Gross Profit Margin for Q2 establishes a new high-water mark for Gross Profit Margin during a quarter and was bolstered by strong revenue contributions from Software & Services. Adjusted EBITDA²: Delivered $0.3 million (CND$0.4 million) of positive Adjusted EBITDA as compared to negative $1.5 million (negative CND$1.9 million) for the prior year period. The Company delivered positive Adjusted EBITDA while continuing its heavy investment in the commercialization of the TRUSense™ Gateway, a turnkey solution designed to accelerate utilities' modernization of the electric distribution grid.Total Assets: Ended the quarter with $37.0 million (CND$49.0 million) as compared to $37.4 million (CND$50.7 million) as of December 31, 2022. Sales Orders: The Company converted an additional $5.2 million (CND$6.9 million) in ...