Profire Energy, Inc., a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances, announced, after a preliminary review of its third quarter 2022 results, revenue is estimated to be between $12.5 million and $12.7 million, compared to $9.6 million in the second quarter of 2022. Revenue related to the company’s diversification efforts is expected to double on a sequential quarterly basis to approximately $1 million, or roughly 8% of revenue. These revenue estimates, and the finalization of net income, EBITDA, and other financial data for the third quarter of 2022, are subject to completion of the company’s quarterly close and review procedures which are still on going.
“We are pleased with our preliminary third-quarter revenues which, despite market turbulence, demonstrate the necessity of Profire solutions in the oil and gas industry,” said Ryan Oviatt, Co-Chief Executive Officer and Chief Financial Officer. “Our sales order activity and pipeline remain strong as we continue to execute on our strategy, which includes among many things, being a technology leader within the oil and gas industry.”
“We continue to focus on the enablement and improvement of on-site automation of combustion appliances. Our solutions play an integral role improving safety and efficiency while supporting our customers in meeting their regulatory and emissions requirements. Our diversification efforts continue to gain traction in larger midstream plants and facilities as well as in our pursuits of non-oil and gas combustion applications,” said Cameron Tidball, Co-Chief Executive Officer. “Recognizing $1 million in revenue from these initiatives in the quarter is a meaningful achievement for the Company and we anticipate reporting additional progress in the future.”
The Company plans to report its full third quarter results and host its earnings conference call in the first week of November. Details for the call and webcast will be announced in late October. In addition, management will present at the Dawson James Securities Small Cap Growth Conference at 2:00 pm ET on October 12, 2022 at the Wyndham Grand Hotel in Jupiter, Florida. A webcast of the presentation is available at https://ir.profireenergy.com. Investors who would like to schedule a meeting at the conference should contact their Dawson James representative.
