Titan Logix (TLA) Q1 2024 earnings summary

Executive summary

• Q1 FY2024 revenue rose 1% YoY to $1.51M, while a $404,169 net loss replaced $414,685 net earnings, reflecting higher R&D costs and an unrealized investment loss.

• Core operations remained profitable on an Operating EBITDA basis at $205,880; strategic efforts continued to target mobile liquid markets beyond traditional crude and used oil.

Financial highlights

• Revenue was $1,513,858, up from $1,503,120 YoY; gross profit fell 7% to $780,018 from $836,621.

• Gross margin declined to 52% from 56%; cost of sales increased to $733,840 from $666,499.

• Operating EBITDA was $205,880 versus $359,543; EBITDA was a loss of $59,758 versus earnings of $345,537.

• Net loss was $404,169 versus net earnings of $414,685; basic and diluted EPS were both $(0.01), versus $0.01.

• Product research and development expenses rose to $265,638 from $14,006 as growth-plan activities expanded.

Outlook and guidance

• Continued demand for the core product line was supported by tanker OEMs operating at peak production capacity.

• Strategic growth plan targets expansion into mobile liquid markets outside traditional crude and used oil segments; the T-Connect mobile application launched in the quarter.