Business
Tantalus Systems Holding Inc. Reports Financial Results for Q3 of 2022
Burnaby, British Columbia--(Newsfile Corp. - November 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 Q3 of 2022Burnaby, British Columbia--(Newsfile Corp. - November 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 third quarter ended September 30, 2022.\"Our team made good progress during Q3 in executing our 2022 plan despite delivering mixed financial results that are reflective of the challenging business environment. While revenue grew in the quarter, we did not meet our internal expectations due to production delays. We are pleased, however, to demonstrate 12% growth during the first nine months of the year ended September 30, 2022 and are reaffirming our guidance to deliver at least 20% revenue growth in 2022,\" stated Peter Londa, President & CEO of Tantalus. \"Our gross profit margin remained strong despite navigating through inflationary pressures and that strength has enabled our business to continue to make R&D investments to bring our new TRUSense™ Gateway, data analytics and C.IQ™ offerings to the market. Management is proactively managing our cost structure and striving to revert back to delivering positive Adjusted EBITDA in future reporting periods.\" Consolidated Financial Highlights1: Revenue2 in the quarter increased by 6% year-over-year to $9.1 million for the quarter. Revenue through the first nine months of the year increased by 12% year-over-year to $27.4 million. Gross Profit3 Margin of 53% for the quarter reflects a new all-time high for the Company. Adjusted EBITDA4 improved to ($0.4 million) in the quarter as compared to ($1.5 million) in the prior quarter. The Company continues to make near-term R&D investments to drive key growth initiatives. The Company had total assets amounting to $34.2 million, inclusive of $5.7 million in cash. Adjusted Working Capital5 was $4.2 million. \"We continue to witness strong tailwinds across the industry, as utilities seek to prepare for the accelerated adoption of electric vehicles (EVs) while also leveraging data to protect their power transformer fleets,\" said Londa. As recently outlined by American Public Power Association (APPA), the National Rural Electric Cooperative Association (NRECA) and ...