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Tantalus Systems Holding Inc. Reports Financial Results for Q4 and Fiscal Year of 2022
Burnaby, British Columbia--(Newsfile Corp. - March 14, 2023) - Tantalus Systems (TSX: GRID) ("Tan...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q4 and Fiscal Year of 2022Burnaby, British Columbia--(Newsfile Corp. - March 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 fourth quarter and year ended December 31, 2022.Q4 Financial Highlights1:Revenue: Generated $12.2 million (CND$16.6 million), representing the highest quarterly revenue in Tantalus' history and approximately 60% growth over the prior year period.Gross Profit2 Margin: Increased to 45% as compared to 44% over the prior year period. Adjusted EBITDA2: Delivered positive $0.1 million (positive CND$0.1 million).Year-End Financial Highlights1:Revenue: Generated $39.6 million (CND$51.5 million), representing approximately 23% growth over the prior year.Annual Recurring Revenue (ARR)2: Estimated at approximately $9.8 million (CND$12.8 million) as at December 31, 2022, representing approximately 36% growth over the prior year.Gross Profit2 Margin: Increased to 48% as compared to 45% over the prior year. Adjusted EBITDA2: Delivered negative $2.4 million (negative CND$3.1 million) reflecting the Company's ongoing investments in the TRUSense Gateway R&D initiative and the integration of Congruitive.Total Assets: The Company had total assets amounting to $37.4 million (CND$50.6 million), inclusive of $5.9 million (CND$7.9 million) in cash but exclusive of $0.7 million (CND$0.9 million) restricted cash supporting performance and payments bond in connection with a customer deployment. Adjusted Working Capital was $5.0 million (CND$6.7 million).Sales Orders: The Company converted approximately $42 million (CND$54.7 million) in orders from its sales pipeline, representing the highest order conversion for a calendar year in the Company's history and year-over-year growth of approximately 12%.\"Achieving 23% revenue growth and an increase in our Gross Profit Margin percentage as compared to the prior year reflects the significant effort put forth by our employees throughout 2022 and the value we are delivering to the utilities we serve,\" said Peter Londa, President & CEO of Tantalus. \"As utilities seek to prepare for the accelerated adoption of electric vehicles (EVs) wh...