Titan NRG, Inc. (TTNN) Releases Solid First Quarter Financial Report
- Increased revenue of $1,987,024 compared to $1,808,254 in the previous year
- Net Comprehensive Income of $218,518, contrasting with a loss of ($13,517) in the preceding year
- Substantial growth in Accounts Receivable from $431,839 to $784,305 year over year
- Cash on hand increased from $505,761 to $1,080,225
- None.
TUCSON, AZ / ACCESSWIRE / August 21, 2023 / Titan NRG, Inc. (OTC PINK:TTNN) ("Titan NRG") a leader in downstream energy and transportation through its wholly-owned subsidiaries, proudly presents its First Quarter Financial Reports, revealing noteworthy strides in its operations.
"Our first quarter disclosures demonstrate our continued growth. The numbers speak for themselves, with year-over-year comparisons indicating a substantial move into profitability," said Alex Majalca Jr., Titan NRG's President and CEO. " Some key highlights to really focus on are the increased revenue numbers for the quarter as well as a very nice swing in our Net Comprehensive Income line. We're continuing on this path toward success with the addition of two more assets for our trucking sector."
Key Highlights for the First Fiscal Quarter include:
- Achieving Quarterly Revenue of
$1,987,024 , a notable progression from$1,808,254 in the comparable period. - Delivering a Net Comprehensive Income of
$218,518 , contrasting sharply with a loss of ($13,517) in the preceding year. - Successfully managing Accounts Receivable worth
$784,305 , showcasing substantial growth from$431,839 year over year. - Building robust financial resilience with
$1,080,225 in cash on hand, up significantly from$505,761 t welve months ago.
For further information, the full Quarterly Report for the fiscal year can be accessed on the OTC Markets website at: https://www.otcmarkets.com/otcapi/company/financial-report/379361/content
About Titan NRG Inc.:
Titan NRG is a holding company that operates as a downstream energy and transportation company through its wholly-owned subsidiaries. NRG Dynamics currently has 25+ transports operating in 9 states. APE Fuels offers retail and commercial propane serving southern AZ with 1500+ leased tanks and 2500+ customers. Vespene with wholesale purchasing and sales of LPG products. NRG Rail has a long-term lease on a new 18 car rail facility in Tucson with approved 1.2mm gallons of propane/butane storage.
Titan NRG focuses on vertical integration while expanding operations to cover product transfer and sales from the refinery to retail. This business model is a win for the company, customers, and shareholders. Additionally, this model can be replicated in other regions.
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NOTES ABOUT FORWARD-LOOKING STATEMENTS
Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with OTC Markets. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Titan NRG, Inc.
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