Business
Titan Logix Corp. Reports Fiscal 2024 Financial Results & Vesting of Stock Options
(In $000's of Canadian dollars except for shares and per share amounts) Edmonton, Alberta--(News...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2024 Financial Results & Vesting of Stock Options(In $000's of Canadian dollars except for shares and per share amounts)Edmonton, Alberta--(Newsfile Corp. - November 20, 2024) - Titan Logix Corp., (TSXV: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in mobile liquid measurement solutions, announces its interim results for the three- and twelve-month periods ended August 31, 2024. The Company also announced the vesting of stock options on October 31, 2024.\"We are excited about the growth of the company, year over year,\" says Nick Forbes, CEO at Titan. \"We've had a strong mix of organic growth in the CORE business, and a positive response to the company's strategic growth plans from the refined fuels market.\"The conclusion of fiscal 2024 saw another year of growth for Titan, with topline revenue growing 10% from the previous year. Our market share in the crude and used oil segments remains steady, and our CORE business provides a healthy baseline for the business and our strategic growth plan. Tanker OEM (Original Equipment Manufacturer) data is signaling a retraction in growth for our CORE market segments, as the backlog and build times have normalized to pre-COVID rates. However, inflationary pricing is still putting pressure on fleet operators, who continue to look for efficiencies to optimize their bulk liquid transport fleets. The execution of our strategic growth plan positions the company to meet the needs of fleet operators, and we expect to see an increase in market share for our CORE business in the coming years.The traction we have seen in new markets with current, and prospective pilot customers is a strong sign for Titan. We are confident in our strategy to diversify the company, and we are committed to continuing the investments in product R&D to penetrate new markets. These investments include a new product line that is expected to launch this fiscal year and will support our goal of reaching 20 pilot trials per year, with fleet conversions in subsequent years. The new product line is built on our existing TD series technology, with modifications that specifically address the unique challenges that customers face in the refined fuels market.Our investment strategy is to commit the necessary resources to penetrate new mobile liquid market segments, and...