Business
Titan Logix Corp. Reports Fiscal 2023 Q3 Financial Results
Edmonton, Alberta--(Newsfile Corp. - July 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 Q3 Financial ResultsEdmonton, Alberta--(Newsfile Corp. - July 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 third quarter ended May 31, 2023.Financial Highlights Summary(in Canadian dollars)Three months ended Nine months endedMay 31, 2023May 31, 2022May 31, 2023May 31, 2022Revenue$1,627,934$1,292,204$4,652,962$3,004,135Gross profit (GP)$777,794$713,497$2,413,567$1,672,158GM %48%55%52%56%Operating earnings (loss) before other items and income tax$(112,297)$147,424$217,689$(431,634)Finance income and other items$(299,974)$255,990$(125,038)$535,283Net earnings (loss)$(412,271)$403,414$92,651$103,649EPS (diluted)$(0.01)$0.01$0.00$0.00 Financial PositionAs at May 31, 2023As at August 31, 2022Working capital$14,426,287$15,857,691Total assets$17,687,208$17,499,282Long-term liabilities$11,951$117,321Total equity$16,860,563$16,698,323 Q3 FISCAL 2023 HIGHLIGHTSRevenues for the third quarter of fiscal 2023 improved over the comparative prior period as the demand for the GWR product line continued to strengthen, resulting in a $335,730 or a 26% increase in the Company's revenues for the third quarter. Revenues in the third quarter were $1,627,934, compared with the $1,292,204 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 third quarter of fiscal 2023 was $777,794 or 48% of revenue compared to $713,497 or 55% of revenue in the comparative prior period. The 7% reduction in gross profit as a percentage of sales resulted from an increase in unit manufacturing input costs due to inflationary price increases in components.Total expenses in the third quarter of fiscal 2023 increased by $324,018 to $890,091 as compared with $566,073 in the comparative prior period. This increase in total expenses was primarily due to an increase in development investments to promote future growth and the expansion of the sales and marketing team to grow the customer base and support new product investments.During the fiscal quarter the development team focused on the expansion of...