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Tantalus Systems Holding Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Delivers record revenue and positive Adjusted EBITDA for the year Burnaby, British Columbia--(Ne...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Fourth Quarter and Full Year 2024 Financial ResultsDelivers record revenue and positive Adjusted EBITDA for the yearBurnaby, British Columbia--(Newsfile Corp. - March 19, 2025) - Tantalus Systems (TSX: GRID) (OTCQX: TGMPF) (\"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 three-month period and full year ended December 31, 2024.All amounts are presented in this news release are in United States dollars (\"U.S. dollars\"), unless otherwise indicated.Q4 2024 FINANCIAL HIGHLIGHTSRevenue increased by 21% year-over-year to $12.6 million, setting a new milestone for revenue generated in a quarter. Revenue from Utility Software Applications & Services (\"Software\") increased by 36% while revenue from Connected Devices & Infrastructure (\"Connected Devices\") increased by 14%. The increases in revenue were a result of adding new utility customers and continuing to expand deployments with existing accounts. Recurring Revenue as a percentage of total revenue was consistent at 24% of total revenue in the quarter. Gross Profit Margin1 increased 100 basis points to 52.4% as a result of increased contributions from the Software segment compared to the prior year period. Income for the period was $289,000 and decreased compared to last year as a result of the $2.3 million recovery of contingent consideration from the acquisition of DLC Systems, Inc. d/b/a Congruitive (\"Congruitive\") in the prior year period.Diluted income per share was $0.01 compared to $0.04 for the reasons stated above.Adjusted EBITDA1 increased to $1.4 million compared to $348,000 during the prior year period. The Company generated positive Cash Flow from Operating Activities of $3.3 million compared to $131,000 in the prior year. At December 31, 2024, Tantalus had available liquidity of $18.0 million compared to $5.2 million as at December 31, 2023. The available liquidity was comprised of a cash balance of $13.2 million and borrowing availability of $4.8 million under its revolving line of credit.1 See definitions for Non-IFRS and Other Financial Measures below.2024 FINANCIAL HIGHLIGHTSThe Company achieved a new annual milestone by delivering $44.3 millio...