Titan Logix Corp. Reports Fiscal 2024 Financial Results & Vesting of Stock Options
Titan Logix Corp reported its fiscal 2024 results with a 10% revenue increase to $6.86 million from $6.21 million in 2023. The company achieved a gross profit of $3.46 million (51% margin) compared to $3.08 million (50%) in 2023. Net income rose to $546,000 from $83,000, resulting in earnings per share of $0.02. Operating EBITDA improved to $1.15 million from $648,000. The company noted increased product research expenses of $1.12 million, up from $373,000, supporting market diversification efforts. Management highlighted steady market share in crude and used oil segments while signaling expansion into refined fuels markets.
Titan Logix Corp ha riportato i risultati fiscali per il 2024 con un aumento del fatturato del 10%, passando da $6.21 milioni a $6.86 milioni. L'azienda ha raggiunto un utile lordo di $3.46 milioni (margine del 51%) rispetto ai $3.08 milioni (50%) del 2023. Il reddito netto è salito a $546,000, rispetto ai $83,000, con un utile per azione di $0.02. L'EBITDA operativo è migliorato a $1.15 milioni, da $648,000. L'azienda ha notato un aumento delle spese per la ricerca di prodotto di $1.12 milioni, in crescita rispetto ai $373,000, a sostegno degli sforzi di diversificazione del mercato. La direzione ha evidenziato una quota di mercato stabile nei segmenti di petrolio grezzo e usato, segnalando nel contempo un'espansione nei mercati dei combustibili raffinati.
Titan Logix Corp reportó sus resultados fiscales para 2024 con un aumento del 10% en los ingresos, alcanzando $6.86 millones, frente a $6.21 millones en 2023. La compañía logró una ganancia bruta de $3.46 millones (margen del 51%) en comparación con $3.08 millones (50%) en 2023. Los ingresos netos aumentaron a $546,000 desde $83,000, resultando en ganancias por acción de $0.02. El EBITDA operativo mejoró a $1.15 millones desde $648,000. La empresa señaló un aumento en los gastos de investigación de productos de $1.12 millones, en comparación con $373,000, respaldando los esfuerzos de diversificación del mercado. La dirección destacó una participación de mercado constante en los segmentos de petróleo crudo y usado, al mismo tiempo que señalaba una expansión en los mercados de combustibles refinados.
타이탄 로직스 Corp는 2024 회계연도 결과를 보고하며 매출이 10% 증가하여 2023년의 6.21백만 달러에서 6.86백만 달러로 증가했다고 발표했습니다. 회사는 2023년 3.08백만 달러(50%)에 비해 3.46백만 달러(51% 마진)의 총 이익을 달성했습니다. 순이익은 83,000달러에서 546,000달러로 증가했으며, 주당 순이익은 0.02달러입니다. 운영 EBITDA는 648,000달러에서 1.15백만 달러로 개선되었습니다. 회사는 시장 다각화 노력을 지원하기 위해 연구개발 비용이 373,000달러에서 1.12백만 달러로 증가했다고 언급했습니다. 경영진은 원유 및 중고유 시장에서 안정적인 시장 점유율을 강조하며 정제된 연료 시장으로의 확장을 신호했습니다.
Titan Logix Corp a publié ses résultats fiscaux pour 2024 avec une augmentation de 10% du chiffre d'affaires, atteignant 6,86 millions de dollars contre 6,21 millions de dollars en 2023. L'entreprise a réalisé un bénéfice brut de 3,46 millions de dollars (marge de 51%) par rapport à 3,08 millions de dollars (50%) en 2023. Le revenu net a augmenté à 546 000 dollars, contre 83 000 dollars, ce qui a entraîné un bénéfice par action de 0,02 dollar. L'EBITDA opérationnel a été amélioré à 1,15 million de dollars, contre 648 000 dollars. L'entreprise a noté une augmentation des dépenses de recherche sur les produits de 1,12 million de dollars, contre 373 000 dollars, soutenant ainsi les efforts de diversification du marché. La direction a souligné une part de marché stable dans les segments de pétrole brut et utilisé, tout en signalant une expansion vers les marchés des carburants raffinés.
Titan Logix Corp hat seine Geschäftszahlen für das Geschäftsjahr 2024 veröffentlicht und einen Umsatzanstieg von 10% auf 6,86 Millionen US-Dollar im Vergleich zu 6,21 Millionen US-Dollar im Jahr 2023 vermelden können. Das Unternehmen erzielte einen Bruttogewinn von 3,46 Millionen US-Dollar (51% Marge) im Vergleich zu 3,08 Millionen US-Dollar (50%) im Jahr 2023. Der Nettogewinn stieg auf 546.000 US-Dollar, verglichen mit 83.000 US-Dollar, was zu einem Gewinn pro Aktie von 0,02 US-Dollar führte. Das operative EBITDA verbesserte sich auf 1,15 Millionen US-Dollar im Vergleich zu 648.000 US-Dollar. Das Unternehmen verzeichnete gestiegene Ausgaben für Produktforschung in Höhe von 1,12 Millionen US-Dollar, im Vergleich zu 373.000 US-Dollar, um die Marktdifferenzierungsbemühungen zu unterstützen. Das Management hob den stabilen Marktanteil im Bereich Roh- und Altwarenöle hervor und signalisiert gleichzeitig eine Expansion in die Märkte für raffiniertes Benzin.
- Revenue growth of 10% year-over-year to $6.86 million
- Gross profit margin improved to 51% from 50%
- Net income increased significantly to $546,000 from $83,000
- Operating EBITDA grew to $1.15 million from $648,000
- Product research and development expenses increased substantially by $743,000
- Working capital decreased to $14.14 million from $14.54 million
- Core market segments showing signs of growth retraction
(In
Edmonton, Alberta--(Newsfile Corp. - November 20, 2024) - Titan Logix Corp., (TSXV: TLA) ("Titan" or the "Company"), a technology company specializing in mobile liquid measurement solutions, announces its interim results for the three- and twelve-month periods ended August 31, 2024. The Company also announced the vesting of stock options on October 31, 2024.
"We are excited about the growth of the company, year over year," says Nick Forbes, CEO at Titan. "We've had a strong mix of organic growth in the CORE business, and a positive response to the company's strategic growth plans from the refined fuels market."
The conclusion of fiscal 2024 saw another year of growth for Titan, with topline revenue growing
The traction we have seen in new markets with current, and prospective pilot customers is a strong sign for Titan. We are confident in our strategy to diversify the company, and we are committed to continuing the investments in product R&D to penetrate new markets. These investments include a new product line that is expected to launch this fiscal year and will support our goal of reaching 20 pilot trials per year, with fleet conversions in subsequent years. The new product line is built on our existing TD series technology, with modifications that specifically address the unique challenges that customers face in the refined fuels market.
Our investment strategy is to commit the necessary resources to penetrate new mobile liquid market segments, and the development of value-added products and software solutions to these market segments. The Company invests its non-operating cash reserves in conservative interest-bearing accounts and marketable securities. Acquisition opportunities are considered where it complements our growth strategy or enables the monetization of our connected strategy.
"The Board of Directors is pleased to announce the vesting of 316,667 stock options as of October 31, 2024. The strategic plan formulated by the Company's leadership is showing results," said Grant Reeves, Chairman. "This has been demonstrated by the achievement of several key milestones, which included the penetration into new markets, growth in our traditional markets, and a sustained increase in the market value of the Company."
FISCAL 2024 HIGHLIGHTS
- Revenues for fiscal 2024 increased by
$643 or10% to$6,857 compared to$6,214 in fiscal 2023, marking the third consecutive year of revenue growth. The Company continues to see increased demand for its core product line as Tanker OEMs remain at peak production capacity. - Gross Profit increased by
$372 t o$3,463 or51% of revenue in fiscal 2024 compared to$3,084 or50% in fiscal 2023. The increase in gross profit resulted from an increase in volume compared to the fiscal 2023. - The performance of the core business improved in fiscal 2024 with reported Operating EBITDA(1) of
$1,148 compared to$648 in fiscal 2023.. - Product research and development expenses(1) increased by
$743 t o$1,115 in fiscal 2024 compared to$373 in fiscal 2023. The expenses incurred, support the Company's diversification and growth into new markets. The Company unveiled a strategic growth plan in fiscal 2023 focused on updating its core product line and diversifying its business. - The Company's net income increased by
$463 t o$546 in fiscal 2024 compared to net income of$83 in fiscal 2023 driven by the improved operating results and the recognition of previously unrecognized deferred tax assets of$724 m ore than offsetting the increased product research and development expenses over fiscal 2023. - The Company reported basic and diluted earnings per share of
$0.02 per share in fiscal 2024 compared to $nil in fiscal 2023.
Financial Highlights Summary
| Three months ended | Nine months ended | |||
| 2024 | 2023 | 2024 | 2023 | |
| $ | $ | $ | $ | |
| Revenue | 1,666 | 1,561 | 6,857 | 6,214 |
| Cost of sales | (922) | (891) | (3,394) | (3,131) |
| Gross profit | 744 | 670 | 3,463 | 3,084 |
| Gross margin (%) | ||||
| Operating EBITDA (1) | 256 | (71) | 1,148 | 648 |
| Product research and development expenses (1) | (317) | (199) | (1,115) | (373) |
| EBITDA (1) | (61) | (270) | 33 | 275 |
| Net earnings (loss) | 924 | (10) | 546 | 83 |
| EPS - Basic and Diluted | 0.03 | (0.00) | 0.02 | 0.00 |
| Financial Position | As at August 31, 2024 | As at August 31, 2023 |
| Working capital | $ 14,139 | $ 14,536 |
| Total assets | $ 19,022 | $ 18,347 |
| Long-term liabilities | $ 600 | $ 681 |
| Total equity | $ 17,502 | $ 16,878 |
(1) See non-IFRS measures below.
The Company's audited consolidated financial statements and the management's discussion and analysis ("MD&A") which includes the Company's Business Outlook, for the three- and twelve-month periods ended August 31, 2024, are available on SEDAR+ at www.sedarplus.ca and the Company's website, www.titanlogix.com.
NON-IFRS MEASURES
The Company uses certain measures in this MD&A that do not have a standardized meaning as prescribed by IFRS (International Financial Reporting Standards) and thus are prohibited from being disclosed in the consolidated financial statements. These measures, which are derived from information reported in the Company's consolidated financial statements, may not be consistent with similar measures presented and disclosed by other reporting issuers. However, management believes that this information provides increased insight into the Company's strategic plan to address the broader mobile liquid markets. Readers are cautioned that these non-IFRS measures should not be construed as alternatives to other measures of financial performance calculated in accordance with IFRS.
The table below provides a reconciliation of the Company's EBITDA and Operating EBITDA to the Operating income (loss) before other items per the interim consolidated financial statements for the periods presented:
| Fiscal Period Ended | Q4 2024 | Q4 2023 | 2024F | 2023F |
| Operating income (loss) before other items | (181) | (383) | (425) | (165) |
| Add back: Depreciation and amortization | 96 | 86 | 380 | 345 |
| Add back: Non-cash stock-based compensation | 24 | 27 | 78 | 96 |
| EBITDA | (61) | (270) | 33 | 276 |
| Add back: Product research and development expenses (1) | 317 | 199 | 1,115 | 373 |
| Operating EBITDA | 256 | (71) | 1,148 | 648 |
The table below, removes the recurring engineering expenses from the total to isolate the product research and development expenses excluded in Management's calculation of Operating EBITDA:
| Fiscal Period Ended | Q4 2024 | Q4 2023 | 2024F | 2023F |
| Engineering, product research and development expenses | (366) | (308) | (1,314) | (803) |
| Add back: Recurring engineering expenses | 49 | 109 | 199 | 431 |
| Product research and development expenses | (317) | (199) | (1,115) | (373) |
A detailed definition of these non-IFRS measures can be reviewed in the Company's MD&A
About Titan Logix Corp.:
For over 25 years, Titan Logix Corp. has designed and manufactured mobile liquid measurement solutions to help businesses reduce risk and maximize efficiencies in bulk liquids transportation. Titan's TD Series of tank level monitors are a market leader in mobile fluid measurement, and are known for their high level of accuracy, rugged design, and solid-state reliability. Our solutions are designed for hazardous and non-hazardous applications, and we serve customers in a wide range of applications including petroleum, environmental solutions, chemical, and agriculture.
Founded in 1979, Titan Logix Corp. is a public company listed on the TSX Venture Exchange and its shares trade under the symbol TLA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that the actual performance of the company is subject to many risks and uncertainties and could differ materially from what is expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our Management Discussion and Analysis in respect of the year ended August 31, 2023, which is available at www.sedarplus.ca. In addition, the occurrence of pandemics, such as the outbreak of the novel coronavirus COVID-19 in any of the areas in which the Company, its customers or its suppliers operate could cause interruptions in the Company's operations. In addition, pandemics, natural disasters, or other unanticipated events could negatively impact the demand for, and price of, oil and natural gas which in turn could have a material adverse effect on the Company's business, financial condition, results of operations and cash flows. The forward-looking information contained in this press release is based on our current estimates, expectations, and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any time, whether a result of new information, future events or otherwise, except as required by applicable securities law.
Contact Information:
Nick Forbes
Chief Executive Officer
Ph: (403) 561-8095
Email: invest@titanlogix.com
www.titanlogix.com
TSX Venture, TLA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230818
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