TUCSON, AZ, Feb. 20, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Titan NRG, Inc. (OTCPK: TTNN) (the "Company"), a leader in integrated downstream energy and transportation holding company, today announced results for its third quarter fiscal 2023 ended December 31, 2023.
While much of the country experienced unseasonably warm weather during the October-through-December period, Titan NRG showcased its resiliency, efficiency, and growth trajectory to generate a net profit in quarter 3 of Fiscal 2023. Highlights from the quarterly report include:
- $2.3 million in revenue
- $1.04 million in gross profit
- $130,624 in net profit
- $6.3 million in capital assets (before depreciation)
- $905,520 cash on hand as of December 31, 2023
Operational highlights for the quarter include:
- 15 million plus gallons of liquefied petroleum gas transported
- Over 2,500 residential customers
- More than 1,500 residential leased propane tanks
"Our continued profitability, even with milder weather patterns in some regions, strongly suggests promising future revenue growth," stated Alex Majalca, Chief Executive Officer and President of Titan NRG. "Compared to the same quarter last year, we saw significant increases in both net operating income and net comprehensive income despite modestly lower revenue, which speaks volumes to our operational efficiency. Additionally, our cash on hand jumped by nearly $300,000, another benefit of our efficiency that has a direct positive impact on our bottom line."
Titan NRG expects a robust conclusion to the current fiscal year with the help of some cold weather, further fueled by exciting developments within fiscal 2024. One key driver is the company's state-of-the-art LPG terminal project in Tucson, Arizona. Through its subsidiary NRG Rail, Titan is building a facility with an initial capacity of 18 rail cars and a permitted storage capacity of 1.2 million gallons. While the rail spurs for the 18 rail car capacity has been built with current focus on transloading operations, the terminal will graduate to full-fledged terminal operations as plans to begin the next phase construction are underway.
Interested parties may view the complete Q3 fiscal 2023 filing at: https://www.otcmarkets.com/otcapi/company/financial-report/392411/content
Contact:
Alex R. Majalca Jr.
President/Chief Executive Officer
Titan NRG, Inc.
alex@titannrg.com
About Titan NRG Inc.
At Titan NRG, we're more than just an energy company. We're building a vertically integrated powerhouse, seamlessly connecting every step of the journey from refinery to retail. That means you get reliable, efficient energy solutions across the board, whether you're a homeowner, a business, or an industrial customer. Our family of companies works together to ensure our customer's energy needs are met. NRG Dynamics owns and operates a fleet of 25+ transport trucks delivering energy across 9 states. APE Fuels provides propane to thousands of homes and businesses across southern Arizona. Our Vespene unit optimizes supply chains with efficient wholesale purchasing and sales of liquefied petroleum gas products. NRG Rail has a dedicated 18-car rail facility in Tucson boasting 1.2 million gallons of approved and permitted propane/butane storage. NRG Equipment offers equipment leasing solutions across multiple markets, including LPG, specialty chemicals, and more. This vertically integrated model isn't just good for business; it's good for you. By eliminating unnecessary middlemen, we streamline processes, optimize costs, and ultimately pass those savings on to our customers and build value for our shareholders. It's win-win, redefined.
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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.
