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American Power Group Corporation (APGI) reported unaudited results for the three and six months ended March 31, 2022. The company achieved net sales of $315,000 and $1.84 million, respectively, marking a 211% year-to-date revenue increase compared to the previous year. The net loss remained consistent at $310,000 for Q2, while a net income of $348,000 was reported for the six-month period. The company has over $5 million in outstanding conversion quotes and a successful $2.46 million share sale to enhance its low-carbon fuel solution initiatives.
Positive
Year-to-date revenue increased by 211% to $1.84 million.
Net income for six months ended March 31, 2022, was $348,000, compared to a net loss of $588,000 in the prior year.
Successful sale of $2.46 million in shares, enhancing financial capability for growth initiatives.
Negative
Net loss after income taxes remained unchanged at approximately $310,000 for Q2.
Prior fiscal years showed a history of losses in the dual fuel conversion business.
Risks include the potential inability to convert outstanding quotes into actual orders.
Quarterly Revenue And Net Loss In Line With Prior Year
Year To Date Revenue Of $1.84 Million Up 211 Percent As Compared To Prior Year
ALGONA, IA / ACCESSWIRE / May 27, 2022 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the unaudited results for the three and six months ended March 31, 2022.
Chuck Coppa, APG's CEO/CFO stated, "Unaudited net sales for the three and six months ended March 31, 2022, were approximately $315,000 and $1.84 million, respectively as compared to approximately $357,000 and $591,000 for the three and six months ended March 31, 2021, respectively. 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 year-to-date revenue is attributable primarily to the shipment of a $1.4 million follow-on order from our lead dealer/installer during the December 2021 quarter. We currently have $5+ million of outstanding stationary conversion quotes spread among several of our dealers/installers."
Mr. Coppa added, "Our unaudited net loss after income taxes was approximately $310,000 for each of the three months ended March 31, 2022 and the three months ended March 31, 2021, respectively. Our unaudited net income after income taxes for the six months ended March 31, 2022 was approximately $348,000 as compared to an unaudited net loss after income taxes of approximately $588,000 for the six months ended March 31, 2021. During the six months ended March 31, 2022 and 2021, 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 year-to-date interest expense down 53 percent to approximately $108,000 as compared to $204,000 in the prior year-to-date period."
Mr. Coppa added, "In March 2022, we closed the sale of approximately 98.4 million of unregistered shares of common stock valued at approximately $2.46 million to existing shareholders, including $2.2 million purchased by entities associated with or controlled by our Chairman. We are utilizing a portion of the proceeds to accelerate our V6000 Low-Carbon Dual Fuel solution awareness campaign including trade show participation, demo truck program expansion, website upgrade as well as other visibility initiatives intended to underscore the immediate economic and environmental benefits of using our V6000 Low-Carbon Dual Fuel solution."
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.
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 $5+ 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 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 $5+ 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; our reliance on third parties to manufacture, distribute and install our products; difficulties or delays in developing or introducing new products and keeping them on the market; lack of product demand and market acceptance for current or future products; adverse events or economic conditions; pricing and other competitive pressures; dependence 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
