Titan Logix (TLA) Q2 2023 earnings summary

Executive summary

• Q2 FY2023 revenue rose 40% YoY to $1.52M as GWR demand strengthened; net earnings were $90,237 versus a $136,807 loss a year earlier.

• Operating earnings before other items improved to $87,191 from a $274,957 loss, reflecting higher gross profit and lower G&A expenses.

Financial highlights

• Q2 revenue was $1.52M versus $1.09M YoY; H1 revenue was $3.03M versus $1.71M.

• Q2 gross profit increased to $799,152 from $628,778; H1 gross profit was $1.64M versus $958,661.

• Q2 operating expenses fell $191,774 YoY to $711,961, primarily due to lower G&A after one-time executive termination costs in the prior period; engineering and sales and marketing costs increased.

• At Feb. 28, 2023, working capital was $14.75M, total assets $17.94M, long-term liabilities $47,509 and equity $17.25M.

Outlook and guidance

• Two Finch II products—a multi-compartment version and a Wi-Fi- and Bluetooth-enabled version—were scheduled to launch in Q3, expanding offerings for new and existing markets.