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American Power Group (APGI) reported impressive Q1 Fiscal 2022 unaudited results, showcasing a 552% revenue increase to $1.53 million compared to $0.23 million in the prior year. The company achieved a net income after taxes of $658,000, reversing a $278,000 net loss from the previous year. The growth is attributed mainly to a significant $1.4 million order and efforts in the oil/gas fracking market, with over 240 engine conversions completed. Outstanding conversion quotes exceed $3 million, indicating robust future potential.
Positive
Revenue up 552% to $1.53 million.
Net income after taxes of $658,000 compared to a $278,000 loss last year.
Significant growth driven by a $1.4 million follow-on order.
Over 240 engines converted, indicating strong market penetration.
American Power Group Announces Unaudited Results For Q1 Fiscal 2022
Revenue Increases 552 Percent To $1,525,000 As Compared To Prior Year
Reports Net Income After Taxes Of $658,000 As Compared To A $278,000 Net Loss in Prior Year
ALGONA, IA / ACCESSWIRE / January 25, 2022 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the unaudited results for the quarter ended December 31, 2021.
Chuck Coppa, APG's CEO/CFO stated, "Unaudited net sales for the quarter ended December 31, 2021, were approximately $1.53 million as compared to approximately $0.23 million of unaudited net sales for the quarter ended December 31, 2020. Our penetration into the oil/gas fracking market over the past two years has been the primary revenue driver with over 240 engines converted during this period. The increase in quarterly revenue is attributable primarily to the shipment of a $1.4 million follow-on order announced in October 2021 from our lead dealer/installer. We currently have $3+ million of outstanding stationary conversion quotes spread among several of our dealers/installers. We continue to evaluate new reoccurring dual fuel related revenue opportunities in an effort to offset some of the reporting period fluctuations associated with our traditional dual fuel solution equipment sales."
Mr. Coppa added, "Our unaudited net income from operations for the quarter ended December 31, 2021, was approximately $569,000 as compared to an unaudited net loss from operations of approximately $324,000 for the quarter ended December 31, 2020. During the quarters ended December 31, 2021 and December 31, 2020, we recognized other income of approximately $158,000 and $154,000, respectively, associated with the forgiveness of our Small Business Administration's Paycheck Protection Program loans. Our ongoing efforts to reduce fixed operating costs as well as reduced long-term debt have positively impacted our net results with our quarterly interest expense down 53 percent to approximately $50,000 as compared to the prior year. Our unaudited net income after estimated income taxes for the quarter ended December 31, 2021 was approximately $658,000 as compared to an unaudited net loss of approximately $278,000 for the quarter ended December 31, 2020."
Mr. Coppa concluded, "We are diligently working with our stationary dealers/installers to close on the $3+ million of outstanding conversion quotes and are seeing significant interest in our recently announced Low Carbon V6000 Dual Fuel Demo Truck Program For Class 8 Heavy Haul Vehicles."
About American Power Group Corporation
American Power Group's subsidiary, American Power Group Inc. provides cost effective dual fuel engine solutions to help accelerate an alternative fuel low-carbon future. Our patented Turbocharged Natural Gas® Dual Fuel Conversion Technology is a unique hardware and software solution that can enable existing high-horsepower vehicular and stationary diesel engines to safely displace a significant percentage of diesel with various forms of clean burning natural gas including low-carbon and negative-carbon renewable natural gas (RNG), captured flare-stack methane gas, conditioned well-head gas, bio-methane gas, compressed natural gas (CNG) and liquid natural gas (LNG). APG's dual fuel solution provides users with a proven technology to meet their Environmental, Social and Corporate Governance ("ESG") objectives by lowering criteria pollutants and greenhouse gas emissions. See additional information at: www.americanpowergroupinc.com
Caution Regarding Forward-Looking Statements and Opinions
The matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to outstanding dual fuel conversion quotes for $3+ million and our ability to turn these quotes into actual orders. These forward-looking statements and opinions are neither promises nor guarantees, but involve risks and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, the fact that we may not be able to convert the $3+ million of quotes into actual orders, the fact our dual fuel conversion business has lost money in prior fiscal years and the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events or economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, and the fact that the exercise of stock options and warrants will cause dilution to our shareholders. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations Contact: Chuck Coppa, CEO/CFO American Power Group Corporation 781-224-2411 ccoppa@apgdualfuel.com
What were American Power Group's Q1 Fiscal 2022 earnings results?
In Q1 Fiscal 2022, American Power Group reported a revenue of $1.53 million, up 552% from $0.23 million in the previous year, and a net income of $658,000.
How did American Power Group perform compared to the previous year?
Compared to the previous year, American Power Group improved significantly, reversing a net loss of $278,000 to a net income of $658,000.
What factors contributed to the revenue increase for APGI?
The revenue increase was primarily due to a $1.4 million follow-on order and strong performance in the oil/gas fracking market.
What is the outlook for American Power Group following the Q1 results?
The company has over $3 million in outstanding conversion quotes and continues to seek recurring dual fuel revenue opportunities.
What were the net income figures for American Power Group in Q1 FY 2022?
The unaudited net income after taxes for Q1 FY 2022 was approximately $658,000.
