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Tantalus Systems Holding Inc. Reports Financial Results for Three and Nine Months Ended September 30, 2024
Burnaby, British Columbia--(Newsfile Corp. - November 13, 2024) - Tantalus Systems (TSX: GRID) ("...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Three and Nine Months Ended September 30, 2024Burnaby, British Columbia--(Newsfile Corp. - November 13, 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 nine months ended September 30, 2024. Financial & Operating Highlights for Q3 20241:Sales Orders: The Company converted $7.3 million (CND$10.0 million) from its sales pipeline during the quarter, bringing total orders through the first nine months of the year to $40.2 million (CND$54.7 million). This dollar amount sets a new corporate record for orders converted within the first nine months of a calendar year and represents more than 46% growth over the prior year period. The Company added 26 new utility customers through Q3 2024, bringing its user community to 314 utilities. Revenue: The Company generated revenue of $11.6 million (CND$15.8 million) during the quarter, representing a 14% increase over the prior year period. Revenue contributions of $4.4 million (CND$6.0 million) from the Utility Software Applications and Services segment represented 38% of total revenue in the quarter. Annual Recurring Revenue (ARR)2: ARR stands at approximately $12.2 million (CND$16.5 million) as of September 30, 2024, representing approximately 11% growth over the prior year period. Recurring Revenue recognized during the three months ended September 30, 2024 was approximately $3.4 million (CND$4.6 million), representing approximately 29% of total revenue for the quarter. Gross Profit Margin2: The Company delivered Gross Profit Margin of 56% in Q3 2024, continuing its trend of exceeding 50% for this financial measure. Adjusted EBITDA2: The Company generated Adjusted EBITDA of $0.6 million (CND$0.8 million) during Q3 2024 compared to Adjusted EBITDA of $0.1 million (CND$0.1 million) for the prior year period. The Adjusted EBITDA result included approximately $1.1 million (approximately CND$1.5 million) of additional investment to commercialize the TRUSense Gateway™ product offerings. Balance Sheet: The Company ended Q3 2024 with $10.3 million in cash (CND$13.9 million) which increased from $5.2 million (CDN...