Titan Logix (TLA) Q3 2023 earnings summary

Executive summary

• Q3 FY2023 revenue rose 26% YoY to $1.63M on stronger GWR demand; net loss was $412,271, versus net earnings of $403,414 a year earlier.

• The quarterly loss reflected lower gross margin, higher operating expenses, and a $460,750 unrealized loss on Bri-Chem shares.

Financial highlights

• Q3 revenue was $1,627,934, up from $1,292,204; 9M revenue was $4,652,962, up from $3,004,135 YoY.

• Q3 gross profit was $777,794 versus $713,497; 9M gross profit was $2,413,567 versus $1,672,158.

• Q3 operating loss before other items was $112,297 versus income of $147,424; 9M operating income was $217,689 versus a loss of $431,634.

• Q3 net loss was $412,271 versus earnings of $403,414; 9M net earnings were $535,283 versus $103,649. Diluted EPS: Q3 $(0.01) vs $0.01; 9M $0.00 in both periods.

Outlook and guidance

• Steady demand for overfill protection and continuous level measurement in crude oil, recycled oil, and aviation refueling markets was expected to continue into Q4.

• Product development investment was described as positioning the business to pursue new market opportunities in the upcoming fiscal year.