Perpetual Industries Reports Strong Third-Quarter
Perpetual Industries Inc. (PRPI) reported strong financial results for Q3 2022. Gross revenues rose by $1,158,578, a 31% increase year-over-year. Gross profits also grew, with a rise of $449,702 or 15%. Net income surged by $324,040, marking a significant 57% increase compared to Q3 2021. Cash reserves climbed to $1,816,744, reflecting a 73% increase since December 2021. Total current assets reached $12,120,837, up 5%.
- Gross revenues increased by $1,158,578, a 31% rise year-over-year.
- Gross profits rose by $449,702, representing a 15% growth.
- Net income surged by $324,040, a 57% increase from Q3 2021.
- Cash reserves reached $1,816,744, a 73% increase since December 2021.
- Total current assets amounted to $12,120,837, up 5% from the previous year.
- None.
AUBURN, IN / ACCESSWIRE / November 17, 2022 / Perpetual Industries Inc. (OTC PINK:PRPI) ("Perpetual" or the "Company"), a diversified research and development company and innovator of energy-efficient technologies, reported its financial and operating results for the quarter ended September 30, 2022.
Third Quarter 2022 Highlights:
- Gross revenues increased
$1,158,578 in the nine months ending Sept. 30, 2022, an increase of31% over the same period in 2021. - Gross profits increased
$449,702 in the nine months ending Sept. 30, 2022, an increase of15% over the same period in 2021. - Net income increased
$324,040 in the three months ending Sept 30, 2022, an increase of57% over the same period in 2021. - Cash reported on a consolidated basis of
$1,816,744 , an increase of73% over year ending December 2021. - Total current assets recorded of
$12,120,837 , an increase of5% over year ending December 2021.
Brent Bedford, Chief Executive Officer of Perpetual said, "Our team demonstrated strong performance in our third quarter despite challenging economic factors. At the core, our underpinned operating business continues to deliver solid sales performance, providing a stable foundation for shareholder value through 2022."
"We are very pleased with our third quarter. The net income increase reflects healthy fundamental growth as we continue to build our balance sheet and the overall financial strength in the company," said Trip Thomas, Perpetual's Chief Financial Officer.
For more information, please refer to the Management's Discussion & Analysis and the unaudited condensed consolidated interim financial statements of the Company for the three and nine months ended September 30, 2022 and 2021. These documents will be available on the Company's website at www.perpetualindustries.com and under the Company's OTC Markets profile at www.otcmarkets.com.
About Perpetual Industries Inc.
Incorporated in Nevada and based in Auburn, Indiana, Perpetual Industries Inc. (OTC MARKETS:PRPI) is an innovator of energy-efficient technologies, underpinned by an established operating business of over twenty years. Our main business segments include: digital asset mining, blockchain application development, NFT's, and software for the collector community. Our mission is to "perpetuate industry" by bringing value-added technologies to market. Our expertise and knowledge of energy-efficient technology is rooted in the Company's proprietary technology known as the XYO Mechanical Balancing Technology, which dynamically eliminates vibration in rotating equipment to create energy- efficient, environmentally responsible products for a variety of industries, including renewable energy, blockchain mining, artificial intelligence, graphic rendering, and cloud computing. For more information about Perpetual and its divisions, please visit www.perpetualindustries.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934; and the Private Securities Litigation Reform Act of 1995; as well as "forward-looking information" as such term is defined in applicable U.S. and Canadian securities legislation. We may use words such as "may," "would," "could," "should," "potential," "will," "seek," "intend," "plan," "anticipate," "believe," "estimate," "expect" and variations of these words and similar expressions to identify a forward-looking statement. Such statements reflect the Company's current views and intentions with respect to future events and current information available to the Company and are subject to certain risks, uncertainties and assumptions, including, without limitation: the conditions to closing of the transaction being satisfied, including obtaining all necessary approvals for the transaction. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information or statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information or statement is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information or statements. The forward-looking information and/or statements included in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
For media, press inquiries and further information, please contact:
Investor Relations
Perpetual Industries Inc.
Phone: 702-707-9811
Email: investors@perptualindustries.com
SOURCE: Perpetual Industries, Inc.
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