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Titan Logix Corp. Reports Fiscal 2023 Q2 Financial Results
Edmonton, Alberta--(Newsfile Corp. - April 20, 2023) - Titan Logix Corp., (TSXV: TLA) ("Titan" or...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2023 Q2 Financial ResultsEdmonton, Alberta--(Newsfile Corp. - April 20, 2023) - Titan Logix Corp., (TSXV: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in mobile liquid measurement solutions, announces its results for the second quarter ended February 28, 2023.Financial Highlights Summary(in Canadian dollars) Three months ended Six months ended February 28, 2023February 28, 2022February 28,  2023February 28, 2022Revenue$1,521,908$1,087,797$3,025,028$1,711,931Gross profit (GP)$799,152$628,778$1,635,773$958,661GM %53%58%54%56%Operating earnings (loss) before other items and income tax$87,191$(274,957)$329,986$(579,058)Finance income and other items$3,046$138,150$174,936$279,293Net earnings (loss)$90,237$(136,807)$504,922$(299,765)EPS (diluted)$0.00$0.00$0.02$(0.01) Financial PositionAs at February 28, 2023As at August 31 2022Working capital $14,745,409 $15,857,691Total assets $17,936,053 $17,499,282Long-term liabilities $47,509 $117,321Total equity $17,246,131 $16,698,323  Q2 FISCAL 2023 HIGHLIGHTSRevenues for the second quarter of fiscal 2023 improved over the comparative prior period as the demand for the GWR product line continued to strengthen, resulting in a $434,111 or a 40% increase in the Company's revenues for the second quarter compared to the comparative prior period. Revenues in the second quarter were $1,521,908, compared with the $1,087,797 recorded in the comparative prior period. This increase in demand for the GWR was due to an improvement in the global supply chain, and a persistent backlog for new tanker builds in crude oil, recycled oil, and aviation refueling sectors.Gross profit for the second quarter of fiscal 2023 increased by $170,374 to $799,152 or 53% of revenue compared to $628,778 or 58% of revenue in the comparative period. This increase in gross profit is primarily due to the increase in unit demand and revenue. The decrease in the gross profit percentage is primarily the result of increased component costs. Total expenses in the second quarter of fiscal 2023 decreased by $191,774 to $711,961 as compared with $903,735 in the comparative prior period. This decrease in total expenses was primarily due to lower general and administrative expenses due to one-time executive termi...