Welcome to our dedicated page for Profire Energy news (Ticker: PFIE), a resource for investors and traders seeking the latest updates and insights on Profire Energy stock.
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 (PFIE) will hold a conference call on May 4, 2022, at 8:30 a.m. ET to discuss first-quarter results for 2022. The call will feature Co-CEOs Ryan Oviatt and Cameron Tidball and will include a Q&A session. Financial results will be filed with the SEC and shared before the call. Investors can access the call via toll-free and international dial-in numbers. A webcast of the call will also be available for replay.
Profire specializes in enhancing the efficiency and safety of industrial combustion appliances, primarily serving the oil and gas industry.
Profire Energy (NASDAQ: PFIE) reported its fourth quarter and full-year fiscal 2021 results, marking a significant recovery post-pandemic. Fourth-quarter revenue reached $8.3 million, up 47% year-over-year, and gross profit was $3.4 million, yielding a gross margin of 41.6%. Despite a net loss of $145,123, the company generated positive EBITDA of $40,951. For the full year, revenues increased 23% to $26.4 million, with a net loss reduced to $1.1 million. Profire maintains a strong balance sheet with $17.5 million in cash and remains debt-free.
Profire Energy, Inc. (NASDAQ: PFIE) will hold a conference call on March 9, 2022, at 8:30 a.m. ET to discuss its financial results for the fiscal year ending December 31, 2021. Co-CEOs Ryan Oviatt and Cameron Tidball will lead the discussion, followed by a Q&A session. Investors can join via dial-in or by webcasting. Replay options will be available following the call. Profire Energy focuses on solutions that enhance industrial combustion efficiency, primarily in the oil and gas sectors, while exploring applications in other industries.
Profire Energy (NASDAQ: PFIE) reported strong third-quarter fiscal 2021 results, with revenue reaching $6.9 million, a 15% sequential and 74% year-over-year increase. Gross profit was $3.1 million, representing a gross margin of 44.9%. The company achieved a net income of $92,000, a significant improvement from prior year losses. Cash and liquid assets amounted to $18.5 million, maintaining a debt-free status. The growth was attributed to recovering oil and gas demand and service resumption post-pandemic.
Profire Energy (NASDAQ: PFIE) will host a conference call on November 4, 2021, at 1:00 p.m. ET to discuss its third quarter financial results for the period ending September 30, 2021. The results will be filed with the Securities and Exchange Commission and reported prior to the call. Co-CEOs Ryan Oviatt and Cameron Tidball will lead the session, which will include a question-and-answer segment. Interested parties can access the call via dial-in numbers or a live webcast.
Profire Energy (NASDAQ: PFIE) announced a stock buyback program, authorizing up to $2,000,000 in common stock repurchases over the next 12 months, starting October 15, 2021. The board aims to return capital to shareholders, with purchases made at management's discretion based on market conditions and the company’s financial performance. The repurchase program may be suspended or modified based on various factors. Co-CEO Ryan Oviatt expressed confidence in the company’s value, suggesting the stock price does not reflect its true worth.
Profire Energy, a technology company focused on enhancing the efficiency and safety of industrial combustion appliances, will participate in the virtual Midwest IDEAS Investor Conference on August 25, 2021. Co-CEOs Ryan Oviatt and Cameron Tidball will present, available at 7:00 am CT. The event will be accessible online through the conference website. Profire Energy operates primarily within the oil and gas industry, with a commitment to improving environmental impact and expanding its solutions into other sectors. For more details, visit www.profireenergy.com.
Profire Energy (NASDAQ: PFIE) reported a sequential revenue increase of 18.5% to $6.0 million for Q2 2021, up from $5.1 million in Q1 2021. Gross profit rose to $2.7 million with a gross margin of 44.0%, a 130 basis points improvement from the previous quarter. The company posted a net loss of ($397,166), or ($0.01) per share. Cash and liquid investments totaled $19.1 million, maintaining a debt-free status. The results reflect recovery in demand and commodity prices in the oil and gas markets, alongside increased operating expenses due to reinvestments.
Profire Energy (NASDAQ: PFIE) will conduct a conference call on August 5, 2021, at 1:00 p.m. ET to discuss its Q2 2021 financial results, which will be released prior to the call. Co-CEOs Ryan Oviatt and Cameron Tidball will lead the presentation, followed by a Q&A session. Interested participants can join via a toll-free dial-in number or access a live webcast. A replay will be available for a limited time post-call. The company focuses on enhancing efficiency and safety in industrial combustion systems, servicing the oil and gas industry while exploring other applications for their technology.
Profire Energy (PFIE) reported its first-quarter 2021 financial results, noting revenue of $5.1 million, a decrease from $5.7 million in Q4 2020 and $7.4 million in Q1 2020. The gross profit was $2.2 million, with a gross margin of 42.7%. The company posted a net loss of $(601,500), or $(0.01) per share. However, it generated $1.8 million in operating cash flow and increased cash and liquid investments to $19.4 million while remaining debt-free. The leadership expressed optimism about market recovery as COVID-19 restrictions ease, leading to strategic reinvestments and growth opportunities.
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