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Profire Energy, Inc. (NASDAQ: PFIE) is a leading oilfield technology company based in Lindon, Utah, with additional offices in Houston, Texas, and Edmonton, Alberta, Canada. Profire Energy is dedicated to enhancing the efficiency, safety, and reliability of industrial combustion appliances used in the oil and gas industry. The company specializes in burner-management systems (BMS), which are critical for the safe and efficient operation of natural-draft fire tube vessels.
Profire Energy’s products are designed to help energy production companies comply with stringent EPA standards, ensure employee safety, and improve operational margins. Their BMS solutions have become a staple in the industry, contributing significantly to the overall safety and efficiency of oil and gas operations.
In addition to BMS, Profire Energy offers a range of complementary oilfield products, addressing various needs within the energy sector. The company operates primarily in the United States and Canada, with the majority of its revenue generated from the U.S. market.
Recent achievements highlight Profire Energy’s sustained momentum and growth. The company reported its best six-month revenue and net income in its history for the second quarter of 2023. Total revenues equaled $14.4 million, with a gross profit of $7.4 million, reflecting a year-over-year increase driven by ongoing customer demand and diversification efforts. Notably, the company achieved the highest quarterly net income and EBITDA in its history.
Profire Energy’s strategic focus includes a strong emphasis on diversification, particularly within the renewable natural gas sector. The company has completed multiple installations for various industries, including food and beverage, industrials, and landfill customers, which are part of their broader Critical Energy Infrastructure segment.
Financially, Profire Energy remains robust. For the third quarter of 2023, the company reported revenues of $14.8 million, a gross profit of $7.5 million, and operating expenses of $4.9 million. The net income for the quarter was $2.0 million, demonstrating consistent performance and growth. The company's balance sheet remains strong, with cash and liquid investments totaling $20.0 million at the end of 2023, and the company continues to operate debt-free.
Profire Energy’s forward-looking strategy includes further diversification of its revenue streams and the implementation of tax planning strategies that have significantly benefited the company’s financial performance. The company’s commitment to delivering long-term value to shareholders is evident in its plans for share repurchases and strategic investments in growth opportunities.
For more information about Profire Energy’s products and services, please visit their website at www.profireenergy.com.
Profire Energy, Inc. (NASDAQ: PFIE) reported an impressive 85% year-over-year revenue growth in Q3 2022, reaching $12.8 million, marking its highest revenue since 2014. The net income of $1.2 million reflects a significant increase from previous quarters, with EBITDA generated at $2.4 million. The company also reported improved gross margin at 47.7%. Strategic diversification efforts in sectors beyond oil and gas contributed $1 million or 7.7% of total revenue. Profire’s leadership emphasizes their commitment to sustainable growth amidst economic challenges.
Profire Energy, Inc. (NASDAQ: PFIE) will host a conference call on November 3, 2022, at 8:30 a.m. ET to discuss its Q3 2022 financial results. The call will feature Co-CEOs Ryan Oviatt and Cameron Tidball, with a Q&A session to follow. Financial results will be filed with the SEC and shared in a press release before the call. Interested parties can join via toll-free and international dial-in numbers or through a live webcast, which will also be available for replay for one year.
Profire Energy, Inc. (NASDAQ: PFIE) announced preliminary revenue estimates for Q3 2022 between $12.5 million and $12.7 million, up from $9.6 million in Q2. Revenue from strategic diversification efforts is expected to double, reaching approximately $1 million or 8% of total revenue. The company's leadership emphasizes the importance of its solutions in the oil and gas sector, citing strong sales order activity and a focus on automation improvements. The full Q3 results will be reported in November, with a conference planned for October 12.
Profire Energy, Inc. (NASDAQ: PFIE) will present at the Dawson James Securities Small Cap Growth Conference on October 12, 2022, in Jupiter, Florida. Co-CEOs Ryan Oviatt and Cameron Tidball will host one-on-one meetings and presentations to enhance visibility with investors. Profire Energy specializes in solutions that improve the efficiency and safety of industrial combustion appliances, primarily in the oil and gas sector, while also seeking applications in other industries. For more information, visit their website.
Profire Energy (NASDAQ: PFIE) has announced that Co-CEOs Ryan Oviatt and Cameron Tidball will present at the Midwest IDEAS Investor Conference on August 24, 2022, at 2:30 PM ET. They will host one-on-one meetings during the event. The presentation will be available via webcast on the conference's main website. Profire Energy focuses on enhancing the efficiency and safety of industrial combustion appliances, primarily in the oil and gas sector, while exploring applications in other industries. For more details, interested investors can contact Steven Hooser.
Profire Energy (NASDAQ: PFIE) reported strong financial results for Q2 2022, achieving $9.6 million in revenue, a 60% increase year-over-year, marking the fifth consecutive quarter of revenue growth. Gross margin improved to 45.7%, despite escalating costs from inflation. The company recorded a net income of $284,829 or $0.01 per diluted share, recovering from a net loss in the same quarter last year. Additionally, non-oil and gas revenue is projected to exceed $1 million for the fiscal year. Positive trends are anticipated as the company continues to engage in new markets and products.
Profire Energy, a technology company specializing in solutions for industrial combustion appliances, is set to hold a conference call on August 5, 2022, at 8:30 a.m. ET, to discuss its second quarter 2022 financial results. Co-CEOs Ryan Oviatt and Cameron Tidball will present followed by a Q&A session. Financial results will be filed with the SEC before the call. Interested participants can join via toll-free or international dial-in numbers, and a webcast replay will be available for one year. Profire focuses on enhancing efficiency and safety in the oil and gas industry.
On June 9, 2022, Profire Energy (NASDAQ: PFIE) announced participation in the East Coast IDEAS Investor Conference on June 23, 2022. Co-CEOs Ryan Oviatt and Cameron Tidball will present, with the webcast available at 6:00 am ET on June 22. Profire Energy provides solutions enhancing the efficiency, safety, and reliability of industrial combustion appliances, primarily in the oil and gas industry. The company focuses on engineering and design for burner and combustion management systems, with operations mainly in North America.
Profire Energy, Inc. (NASDAQ: PFIE) announced the complete sale of shares by co-founder Harold Albert, who held 4,520,500 shares as of April 2021. His exit ends investor speculation about his ownership. Albert had not participated in daily operations for over five years. Brenton Hatch, the remaining co-founder and current Chairman, continues to hold 19% of the total outstanding shares. The company specializes in enhancing the efficiency and reliability of combustion appliances in the oil and gas sector and is exploring other applications.
Profire Energy, Inc. (NASDAQ: PFIE) reported its first quarter 2022 results with notable growth, achieving revenue of $9.5 million, marking an 87% increase year-over-year. The company experienced a gross margin improvement to 47.9%, up 630 basis points sequentially. A positive net income of $627,161 ($0.01 per diluted share) was recorded, reversing previous losses. The growth is attributed to recovery from the COVID-19 pandemic, higher oil prices, and strategic diversification. However, challenges in supply chains due to labor constraints and COVID lockdowns in China were noted.
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