March 2024 Unaudited Quarterly Revenue Up 267 Percent to $1.3 Million And Six Month Unaudited YTD Revenue was up 193 Percent to $1.8 Million as Compared to the Prior Year's Results
ALGONA, IA / ACCESSWIRE / April 17, 2024 / American Power Group Corporation ("APG") (OTC PINK:APGI) today provides the following corporate update.
Revenue for the three months ended March 31, 2024 was up 267% to $1,293,000 as compared to $352,000 for the three months ended March 31, 2023. Revenue for the six months ended March 31, 2024 was up 193% to $1,831,000 as compared to $624,000 for the six months ended March 31, 2023. The increase in fiscal 2024 revenue is directly related to our growing market share in the dual fuel stationary conversion market for frack engines operating in the oil and gas production sector. With oil prices on the rise, we are diligently working to close on over $3.1 million + of outstanding conversion quotes spread over multiple stationary dealers/installers.
Our unaudited net loss for the three and six months ended March 31, 2024 was approximately $75,000 and $540,000, respectively, as compared to a net loss of $334,000 and $595,000, respectively, for the same periods last year. The results for the three and six months ended March 31, 2024, include approximately $333,000 and $586,000, respectively, of emission testing and development/support costs associated with our efforts to enhance our existing technology as well as expand our EPA/CARB engine family approvals to include newer Class 8 truck engines. Given the lack of currently available natural gas/RNG options for fleets running heavy-duty 15L trucks, we are focusing on newer engine platforms in the 2019 to 2023 range starting with Cummins ISX 15L high HP (450+) engine platform given it allows for a much greater market/application coverage.
APG's Stationary S4000 technology has a field performance reputation of the highest up-time and lowest total cost of ownership amongst the dual fuel industry which was underscored by our announcement a year ago that our stationary/off-road dual fuel installation base had reached an estimated 15 million cumulative run hour milestone. Our S4000 seamlessly introduces natural gas from renewable, fossil or treated field gas into the induction system of a diesel engine, displacing up to 65% (50% average) of the diesel fuel. The S4000 System does not change any of the OEM diesel engine components, maintaining base engine temperature and pressure parameters of the OEM engine. Displacing on average 50%+ of the diesel fuel with natural gas has had an enormous impact on operating costs, emissions and of course carbon footprint for operators using our technology.
Chuck Coppa, APG's CEO/CFO stated, "While we have made significant progress over the past several years to solidify APG's financial position, we continue to focus our efforts on increasing market awareness and branding of our new enhanced V7000 dual fuel vehicular solution. We believe this technology is potentially the most game-changing aspect of our business, especially from a decarbonization perspective. We are currently in discussions with several of the country's largest natural gas/renewable natural gas (RNG), biodiesel and renewable diesel dispensers regarding potential co-marketing efforts whereby they would market our cost-effective dual fuel solution in addition to dedicated natural gas solutions.
APG's Dual Fuel Technology can use renewable natural gas (RNG), compressed natural gas (CNG), liquified natural gas (LNG), captured flare-stack methane and conditioned well-head gas resulting in lower cost, lower carbon and lower criteria pollutants. Additionally, APG's technology remains fully compatible with eligible biodiesel blends and renewable diesel fuels further reducing a diesel engines' carbon footprint and provides users with a proven regulatory compliant technology to meet their Environmental, Social and Corporate Governance (ESG) objectives.
Mr. Coppa concluded, "We will be attending the Appalachian RNG Conference in Canonsburg, PA this Thursday, April 18, 2024 and the BioGas Americas 2024 Conference in Savannah, Georgia May 13-16, 2024 to discuss how APG's V7000 dual fuel solution, displacing 50%-60% of diesel consumption with RNG from dairy manure, has been shown to produce an estimated Carbon Intensity ("CI") score of between a -104 to -145 gC02e/MJ and avoid between 500 to 610 metric tons of CO2 per year per vehicle."
About American Power Group Corporation (www.americanpowergroupinc.com)
American Power Group's subsidiary, American Power Group Inc., ("APG"), provides cost-effective alternative fueling solutions for diesel engines to significantly reduce methane criteria pollutants and help accelerate a low-carbon future. APG's Dual Fuel conversion technology is a unique patented hardware and software solution that enables high-horsepower diesel engines to safely displace up to 65% of diesel fuel with natural gas. Engines equipped with APG's Dual Fuel technology can use renewable natural gas (RNG), compressed natural gas (CNG), liquefied natural gas (LNG), captured flare-stack methane and conditioned well-head gas resulting in lower cost, lower carbon, and lower criteria pollutant emissions. Additionally, APG's Dual Fuel conversion technology remains fully compatible with eligible biodiesel blends and renewable diesel fuels further reducing a diesel engine's carbon footprint and provide users with a proven regulatory compliant technology to meet their Environmental, Social and Corporate Governance ("ESG") objectives.
Caution Regarding Forward-Looking Statements and Opinions
The matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to outstanding dual fuel conversion quotes for $3.1 million + and our ability to turn these quotes into actual orders. These forward-looking statements and opinions are neither promises nor guarantees but involve risks and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events, and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, the fact that we may not be able to convert the $3.1 million + of quotes into actual orders, the fact our dual fuel conversion business has lost money in prior fiscal years and the risk that we may require additional financing to grow our business, the fact that we rely on third parties to manufacture, distribute and install our products, we may encounter difficulties or delays in developing or introducing new products and keeping them on the market, we may encounter lack of product demand and market acceptance for current and future products, we may encounter adverse events or economic conditions, we operate in a competitive market and may experience pricing and other competitive pressures, we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the risk that we may not be able to protect our intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, the fact that our stock is thinly traded and our stock price may be volatile, and the fact that the exercise of stock options and warrants will cause dilution to our shareholders. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations Contact:
Chuck Coppa, CEO/CFO
American Power Group Corporation
978-729-9183
ccoppa@apgdualfuel.com
SOURCE: American Power Group Corporation
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