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American Power Group Corporation (APGI) reported a 32% increase in fiscal 2022 revenue, rising to $3.5 million from $2.7 million in the prior year. The company achieved a net income of $289,000, a turnaround from a $302,000 net loss in the previous fiscal year. The annual report, which includes these financial results, is publicly accessible via the OTC Markets. APGI's subsidiary offers innovative fuel conversion solutions, promoting lower emissions and cost-effective energy alternatives, contributing to environmental and sustainability goals.
Positive
32% revenue growth to $3.5 million.
Net income of $289,000 compared to a net loss of $302,000 last year.
Negative
Prior fiscal years showed losses in dual fuel conversion business.
Potential difficulties in converting $4 million+ quotes to actual orders.
Reliance on third parties may cause operational delays.
Fiscal 2022 Revenue Increases 32 Percent to $3.5 Million as Compared to $2.7 Million Last Year
Fiscal 2022 Net Income After Taxes of $289,000 as Compared to a $302,000 Net Loss Last Year
ALGONA, IA / ACCESSWIRE / December 29, 2022 / American Power Group Corporation ("APG") (Pink:APGI) has filed its Annual Report for the fiscal year ended September 30, 2022 today with the OTC Markets. The report is available for review and download on the OTC Markets website (www.otcmarkets.com) or by contacting Chuck Coppa, CEO/CFO at ccoppa@apgdualfuel.com.
American Power Group's subsidiary, American Power Group Inc., ("APG"), provides cost-effective alternative fueling solutions for diesel engines to significantly reduce methane criteria pollutants and help accelerate a low-carbon future. APG's Dual Fuel conversion technology is a unique patented hardware and software solution that enables high-horsepower diesel engines to safely displace up to 65% of diesel fuel with natural gas. Engines equipped with APG's Dual Fuel technology can use renewable natural gas (RNG), compressed natural gas (CNG), liquefied natural gas (LNG), captured flare-stack methane and conditioned well-head gas resulting in lower cost, lower carbon, and lower criteria pollutant emissions. Additionally, APG's Dual Fuel conversion technology remains fully compatible with eligible biodiesel blends and renewable diesel fuels further reducing a diesel engine's carbon footprint and provide users with a proven regulatory compliant technology to meet their Environmental, Social and Corporate Governance ("ESG") objectives.
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 $4 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 $4 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 fiscal 2022 earnings?
American Power Group reported fiscal 2022 earnings of $3.5 million, a 32% increase from $2.7 million in the prior year.
Did American Power Group have a profit or loss in fiscal 2022?
In fiscal 2022, American Power Group had a net income of $289,000, compared to a net loss of $302,000 in the previous year.
What challenges does American Power Group face for future orders?
American Power Group may face challenges converting $4 million+ in quotes to actual orders, along with reliance on third parties for product distribution and installation.
