Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
IMMR...Great insight. Thanks hweb.
PCTI...Thanks for the info nelson. Something to watch. You have always said PCTI is a buyout target and it makes sense. You never know.
And I agree, Q2 outlook is way softer than I expected.
I sold some PCTI to add more CXDO. Will more than likely add those PCTI shares back on dips.
IMMR...hweb, IMMR looks good below $7. Did you find any concerns? The interest income should continue.
Also, there is news out that Sony is working on a PS5 Pro.
ACDC... Positive forward comments in the cc. Also, there will more than likely be an upcoming share buy back and or dividend.
ACDC...Came in light...ProFrac Holding Corp. Reports First Quarter 2023 Financial and Operational Results
WILLOW PARK, Texas, May 9, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced financial and operational results for its first quarter ended March 31, 2023.
First Quarter 2023 Results and Recent Highlights
Total revenue grew approximately 7% sequentially to $851.7 million over 2022 fourth quarter revenue
Net income declined approximately 48% sequentially to $59.8 million
Adjusted EBITDA(1) excluding Flotek declined approximately 5% sequentially to $255.0 million
Annualized Adjusted EBITDA per fleet(2) excluding Flotek was $25.1 million on 40.7 average active fleets during the quarter
The Company did not adjust for approximately $20 million of costs related to the conversion, optimization and retirement of certain acquired assets and businesses; excluding these costs Annualized Adjusted EBITDA per fleet excluding Flotek would have been approximately $27 million
First quarter results include the consolidation of Flotek results which contributed $49.2 million in revenue and a loss of ($7.9) million in Adjusted EBITDA
Following the acquisition of Performance Proppants, ProFrac is the largest provider of in-basin sand in North America
Matt Wilks, ProFrac's Executive Chairman, stated, "We are pleased to report that ProFrac delivered solid operational and financial results for the first quarter of 2023. Once again, we generated strong revenues and Adjusted EBITDA as we continue to execute on our strategy. I am proud of what this team has accomplished and excited to realize the full potential of this business as we move forward."
"During the first quarter, ProFrac incurred substantial costs related to our recent acquisitions of U.S. Well Services, Monarch Silica, REV, Performance Proppants and Producers. Management estimates that the Company incurred over $20 million of expenses associated with the optimization of these businesses, as well as with upgrading, standardizing and retirement of certain acquired assets. Because ProFrac is able to integrate acquired businesses so swiftly we recognize both the commercial and operational synergies as well as the associated integration expenses on an accelerated basis. As noted, we believe the profitability of the business was impacted while initiating our long-term integrated commercial strategy. While we are proud of the performance posted by the Company in the first quarter, we believe the earnings power of the business is much stronger than indicated by our first quarter financial results and believe the true potential will be recognized in the coming quarters."
Ladd Wilks, ProFrac's Chief Executive Officer, added, "In spite of integration costs, I'm proud to report that ProFrac increased revenue by 7% in a difficult commodity price environment. Our strategic priority has been and will continue to be increasing the number of fully integrated fleets that we operate, which in turn improves our value proposition to our customers. Our position as the leading producer of in-basin sand and one of the largest frac service providers is unique, and we look forward to demonstrating the earnings power of this combination."
First Quarter 2023 Financial Results
For the first quarter of 2023, consolidated revenues totaled $851.7 million, up approximately 7% sequentially. The increase was driven by a higher average active fleet count and material sales, partially offset by lower efficiencies during the quarter related to transitory commodity price headwinds.
Selling, general, and administrative costs were $76.3 million in the first quarter, of which $11.4 million related to Flotek and $13.1 million related to stock-based compensation. Excluding Flotek and stock-based compensation, selling, general, and administrative costs totaled $51.8 million.
Net income for the first quarter declined 48% sequentially to $59.8 million, or $0.40 per share of the Company's Class A common stock. Excluding the operating results attributable to Flotek, net income totaled $64 million.
In the first quarter, Adjusted EBITDA decreased 6% from the prior quarter and totaled $247.1 million. Excluding the operating results attributable to Flotek, Adjusted EBITDA totaled $255 million, or $25.1 million per average active fleet on an annualized basis.
Operating cash flow was $233.5 million in the first quarter, an increase of 47% from the previous quarter. Approximately $48.1 million was generated from a liquidation of working capital.
Outlook
As the Company looks towards the balance of 2023, ProFrac will pursue a similar disciplined approach as demonstrated by its E&P customers. The Company's focus is on optimizing recent transactions to maximize the generation of discretionary free cash flow. Moving forward, ProFrac will continue to react to market conditions to help ensure the Company's ability to earn its targeted rates of return and position the business to maximize shareholder returns.
Business Segment Information
The Stimulation Services segment generated revenues of $790.2 million in the first quarter of 2023, which resulted in $205.7 million of Adjusted EBITDA.
The Proppant Production segment generated revenues of $82.2 million in the first quarter of 2023, which resulted in $41.3 million of Adjusted EBITDA. Approximately 39% of the Proppant Production segment's revenue was intercompany.
The Manufacturing segment generated revenues of $67.1 million in the first quarter of 2023, which resulted in $8.0 million of Adjusted EBITDA. Approximately 95% of the Manufacturing segment's revenue was intercompany.
Our Other Business Activities generated revenues of $49.2 million in the first quarter of 2023, which resulted in a loss of ($7.9) million of Adjusted EBITDA. Approximately 76% of the Other Business Activities' revenue was intercompany. The Other Business Activities solely relate to the results of Flotek.
Capital Expenditures and Capital Allocation
Cash capital expenditures totaled $83.2 million in the first quarter, excluding acquisitions. This is expected to accelerate over the next two quarters given the projected timing of project completions and cash outlays. During the first quarter, the Company continued to pursue various growth initiatives, specifically the construction of four e-fleets and the previously announced engine upgrade program, which will convert many legacy pumps to next generation technology. ProFrac will remain disciplined with capital allocation and the Company expects to reduce capex spend based on total fleet activity levels to ensure it maintains return thresholds on all capital investment.
Balance Sheet and Liquidity
Total gross debt outstanding as of March 31, 2023 was $1,291.2 million, $0.4 million of which was attributable to Flotek. Gross debt outstanding excluding amounts attributable to Flotek was $1,290.8 million, compared to $941.4 million as of December 31, 2022.
Total cash and cash equivalents as of March 31, 2023, excluding Flotek, was $57.5 million
As of March 31, 2023, and excluding amounts attributable to Flotek, the Company had $169 million of liquidity, including $57.5 million in cash and cash equivalents and $111.5 million of availability under its asset-based credit facility, excluding letters of credit outstanding.
Footnotes
(1) Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles ("GAAP") (a "Non-GAAP Financial Measure"). Please see "Non-GAAP Financial Measures" at the end of this news release.
(2) Adjusted EBITDA per fleet is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Measures" at the end of this news release.
Conference Call
ProFrac has scheduled a conference call on Wednesday, May 10, 2023 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 412-902-0030 and ask for the ProFrac Holding Corp. call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://ir.pfholdingscorp.com/news-events/ir-calendar. A telephonic replay of the conference call will be available through May 17, 2023 and may be accessed by calling 201-612-7415 using passcode 13735082#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days
CSPI...Nice report and they inched up the dividend...CSP Inc. Momentum Continues During Fiscal Second Quarter With 11% Revenue Growth and Diluted Earnings per Common Share of $0.07 Compared to $0.03 in the Prior Fiscal Year Second Quarter, Quarterly Dividend of $0.04 per Share Declared
Backlog Exceeds $22 Million as Demand for Award-Winning Products and Services Remain High
Recurring Revenue Increased 25% from Prior Year Second Quarter
LOWELL, MA / ACCESSWIRE / May 10, 2023 / CSP Inc.
CSPI, an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, today reported fiscal 2023 second quarter revenue grew 11% while diluted earnings per common share increased to $0.07 compared to $0.03 in the prior year second quarter. The company also announced that its Board of Directors has declared a 33% increase in the quarterly dividend, from $0.03 per share to $0.04 per share payable June 13, 2023 to shareholders of record on the close of business on May 25, 2023.
Fiscal Second Quarter Operating Highlights and Recent Achievements
Recurring revenue increased 25% compared to the year-ago fiscal second quarter
Technology Solutions and High-Performance Products businesses generated 9% and 29% revenue growth for the fiscal second quarter compared to the prior year second quarter
Diluted earnings per share of $0.07 increased by $0.04 compared to the prior year second quarter
Increased sales of higher margin products and services led to gross margin of 37.6% for the quarter, a 2.5% increase over the prior year second quarter
Backlog, without any of the backlog being recorded as net revenue, as of March 31, 2023 was $22.0 million
"Our fiscal second quarter results were slightly ahead of our internal plan and we are optimistic that we will achieve profitable results for second half of the year with our backlog and continued success with our customers and prospects," commented Victor Dellovo, Chief Executive Officer. "Our Technology Solutions and High-Performance Products businesses each grew significantly over the year-ago period.
We continue to build a pipeline of multi-million-dollar order opportunities. The exact timing of these orders is often fluid and reinforces our strategy to build recurring services revenue. During the quarter, our recurring revenue grew to approximately 16% of total revenue. At the same time, we continue to invest significant resources in new product development addressing cyber-security threats and customer needs. ARIA, which is the latest example of our R&D efforts, has fourteen customers, each of which generates reliable monthly revenue."
Fiscal Year 2023 Second Quarter Results
Revenue for the fiscal 2023 second quarter was $13.3 million, an 11% increase, compared to $12.0 million in the year-ago fiscal second quarter as the Company continued to successfully manage the business and deliver growth during the current economic environment and disruption due to continued supply chain issues with some system component providers. Gross profit for the fiscal second quarter was $5.0 million, or 37.6% of sales, compared with $4.2 million, or 35.1% of sales in the year-ago fiscal second quarter. The Company's focus on higher margin products and services enabled gross margin expansion of 2.5% compared to the 2022 fiscal second quarter. The Company reported net income of $0.3 million in the fiscal 2023 second quarter and diluted earnings per common share of $0.07 compared to net income of $0.2 million and diluted earnings per common share of $0.03 for the fiscal second quarter of fiscal 2022.
The Company had cash and cash equivalents of $13.3 million as of March 31, 2023, compared with cash and cash equivalents of $24.0 million as of September 30, 2022. The lower amount is primarily due to timing of paying a significant amount of accounts payable prior to quarter-end including a previously referenced large financing customer sale recognized in the fourth quarter of fiscal year 2022 but the cost was paid in the first quarter of fiscal year 2023, combined with moving $3.5 million into short-term held-to-maturity investments.
Fiscal Year 2023 Six Month Results
Revenue for the six months ended March 31, 2023 was $31.6 million, a 30% increase, compared with revenue of $24.4 million in same prior year period. Gross profit for the fiscal six months ended March 31, 2023 was $10.8 million, or 34% of sales, compared with $7.8 million, or 32% of sales, reflecting a more favorable product mix. The Company reported net income of $1.3 million and diluted earnings per common share of $0.27 in the fiscal six months ended March 31, 2023 compared with a net loss of $(0.2) million and diluted loss per common share of $(0.05) for the six months ended March 31, 2022.
Conference Call Details
CSPi Chief Executive Officer Victor Dellovo and Chief Financial Officer Gary W. Levine will host a conference call at 10:00 a.m. (ET) today, May 10, 2023, to review CSPi's financial results and provide a business update. To listen to a live webcast of the call, the event link is https://www.webcaster4.com/Webcast/Page/2912/48374. Individuals may also listen to the call via telephone, by dialing 888-506-0062 or 973-528-0011 and use the Participant Access Code: 661658 when greeted by the live operator. For interested parties unable to participate in the live call, an archived version of the webcast will be available for approximately one year on CSPi's website.
CXDO...Strong topline growth w/ $0.02 adj EPS...Crexendo Announces First Quarter 2023 Results
PHOENIX, AZ / ACCESSWIRE / May 9, 2023 / Crexendo, Inc.
CXDO, an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business, today announced financial results for the first quarter ended March 31, 2023.
First Quarter Financial highlights:
Total revenue increased 53% year-over-year to $12.5 million
GAAP net loss of $(1.6) million, or $(0.06) per basic and diluted common share
Non-GAAP net income of $625,000, or $0.02 per basic and diluted common share
Financial Results for the First Quarter of 2023
Consolidated total revenue for the first quarter of 2023 increased 53%, or $4.3 million, to $12.5 million compared to $8.2 million for the first quarter of 2022. The Allegiant Networks business acquisition contributed $3.1 million to the consolidated total revenue in the first quarter of 2023.
Consolidated service revenue for the first quarter of 2023 increased 63%, or $2.8 million, to $7.2 million compared to $4.4 million for the first quarter of 2022. The Allegiant Networks business acquisition contributed $2.6 million to the consolidated service revenue in the first quarter of 2023.
Consolidated software solutions revenue for the first quarter of 2023 increased 26%, or $840,000, to $4.1 million compared to $3.3 million for the first quarter of 2022.
Consolidated product revenue for the first quarter of 2023 increased 149%, or $733,000, to $1.2 million compared to $492,000 for the first quarter of 2022. The Allegiant Networks business acquisition contributed $526,000 to the consolidated operating expenses in the first quarter of 2023.
Consolidated operating expenses for the first quarter of 2023 increased 47%, or $4.5 million, to $14.1 million compared to $9.6 million for the first quarter of 2022. The Allegiant Networks business acquisition contributed $3.4 million to the consolidated product revenue in the first quarter of 2023.
The Company reported net loss of $(1.6) million for the first quarter of 2023, or a $(0.06), loss per basic and diluted common share, compared to net loss of $(1.2) million, or $(0.05) loss per basic and diluted common share for the first quarter of 2022.
Non-GAAP net income of $625,000 for the first quarter of 2023, or $0.02 per basic and diluted common share, compared to non-GAAP net income of $405,000 or $0.02 per basic and diluted common share, for the first quarter of 2022.
EBITDA for the first quarter of 2023 was $(666,000) compared to $(774,000) for the first quarter of 2022. Adjusted EBITDA for the first quarter of 2023 was $749,000 compared to $302,000 for the first quarter of 2022.
Total cash and cash equivalents at March 31, 2023 was $3.7 million compared to $5.7 million at December 31, 2022.
Cash used for operating activities for the first quarter of 2023 was $(1.6) million compared to $(1.7) million used for the first quarter of 2022. Cash used for investing activities for the first quarter of 2023 was $(9,000) compared to $(34,000) used for the first quarter of 2022. Cash used for financing activities for the first quarter of 2023 was $(203,000) compared to cash provided by financing activities of $3,000 for the first quarter of 2022.
"Our strong topline performance in the first quarter was the result of continued execution from our legacy business as well as our recent acquisitions," said Crexendo Chief Executive Officer Jeff Korn. "We had very strong organic growth in our Software Solutions segment of 26% year over year as we continue to see strong demand for our platform offering. We remain concentrated on successfully integrating the acquired companies and are leading new initiatives designed to drive even greater organic growth and bottom line results for our combined organization. At the same time, we continue to make great strides in improving the operational efficiency of our business as we build a lean infrastructure that is capable of supporting our growth goals."
"Product-wise, we have continued to increase both the quality and quantity of our offerings, supporting our expanded sales efforts to drive additional revenues through new sales to new customers and add-on sales to existing customers. Entering the second quarter, we are prioritizing the profitability of the business and are cutting expenses where necessary to maintain a strong financial footing. We look forward to building on our momentum and further cementing our position as a leading provider in the UCaaS industry. I am convinced we are on the right track and our results will be very impressive."
Conference Call
Crexendo management will hold a conference call today, May 9, 2023, at 4:30 PM Eastern time to discuss these results.
Company CEO Jeff Korn, CFO Ron Vincent, and President and COO Doug Gaylor will host the call, followed by a question-and-answer period.
CXDO...A prelude to Q1 & FY2023 results???...
"When I look at the end of the year results (that we announced last month), and we have our Q1 results coming out, I couldn't be more excited."
"Our goal is to hit 4M users by the end of the year."
4M users by year end would be record growth."
This video was released yesterday...
ACDC...Earnings tomorrow in the AM. Looking forward to the report and cc. Another one I have built a good position in as the bottom fell out from under it over the past couple months.
CSPI...I'm ready for CSPI and actually added back more shares in the mid $12's. So I have a nice position. Looking forward to earnings tomorrow.
CXDO...Reports today. Are you in BTuna? I added more in the mid and low $1.40's this morning. Huge part of my portfolio now after adding all the way down as low as $1.30. Haven't sold 1 share since restarting this position back in December.
If/when CXDO gets back over $2, I'll be looking at a hella profit. (Would be nice but you never know).
We'll see how things look after the close.
FTK...From the cc...Window for insiders to buy will open after news of new CEO & ABL loan. Flotek is pushing to get the news out shortly.
FTK...The share count was discussed in one of Flotek's Water Tower Research presentations. QE 6/2023 will show just under 200M shares once all notes are converted later this month (if I remember right). Balance sheet will be clean w/ low to no debt.
Fully diluted market cap (using a 200M share count) is currently approx $134M.
Lots of growth ahead so we'll see what happens.
FTK...Insider buying window opens this week and new CEO should be announced by end of next month according to comments made in the Water Tower Research presentation a couple weeks ago.
cc should be interesting.
Had my Flotek ass kicked the past couple months but was able to acquire more as low as in the $0.50's and low $0.60's.
FTK up 14% pre-market. Hope it holds and keeps going
FTK...Not too shabby...FLOTEK REPORTS POSITIVE GROSS PROFIT FOR FIRST QUARTER 2023 AND INITIATES 2023 GUIDANCE
https://ih.advfn.com/stock-market/NYSE/flotek-industries-FTK/stock-news/90991487/flotek-reports-positive-gross-profit-for-first-qua
HOUSTON, May 8, 2023 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the first quarter ended March 31, 2023.
Full Year 2023 Outlook
Flotek has initiated full year 2023 guidance for revenue of $210 million to $230 million and an Adjusted Gross Profit margin of 8% to 10%. Adjusted Gross Profit(1) excludes non-cash costs, including contract amortization.
First Quarter 2023 Highlights
Reached positive gross profit for the first quarter of 2023, representing an almost 200% increase sequentially and growth of nearly 500% from the year-ago quarter.
Increased revenue by more than 270% from the first quarter of 2022 primarily as a result of Flotek's strategic 10-year supply agreement with ProFrac Holdings, LLC ("ProFrac").
Realized 135% revenue growth in the Company's Data Analytics business versus first quarter of 2022. First quarter 2023 revenue totaled $2.5 million, representing 45% of total Data Analytics revenue for all of 2022.
Increased the average number of ProFrac fleets serviced from 17 in the fourth quarter of 2022 to 19 in the first quarter of 2023.
Achieved approximately 12% market share of the active U.S. frac fleets by the end of the first quarter of 2023. Flotek remains well positioned to capture additional market share as a result of its anticipated expanded scope of work with ProFrac and strategic business development efforts with other customers, supported by the Company's unique product and service offerings.
Management Commentary
Harsha V. Agadi, Interim Chief Executive Officer for Flotek, stated, "Our first quarter results reflect the continued progress we are making to be the collaborative partner of choice for sustainable optimized chemistry and data solutions. Importantly, we achieved a $3.2 million improvement in adjusted gross profit, as compared to the fourth quarter, on nearly identical revenue, which demonstrates the continuing underlying improvement we are achieving in margins. The first quarter represents an inflection point for gross profit. With support from additional revenue opportunities and targeted cost reduction initiatives, we remain focused on reaching positive adjusted EBITDA during 2023."
First Quarter 2023 Financial Results
Revenue: Flotek recorded first quarter 2023 total revenue of $48.0 million compared to $48.2 million for the fourth quarter of 2022 and $12.9 million for the first quarter of 2022 – a 273% increase. Contributing to the year-over-year growth was the Company's 10-year supply agreement with ProFrac and continued growth in the Company's other Chemistry Technologies and Data Analytics product and service offerings. First quarter 2023 revenue remained flat sequentially, despite the industry's seasonal slow-down in well stimulation operations early in the quarter.
Gross Profit (Loss): The Company generated a gross profit of $1.9 million versus a gross loss of $2.1 million for the fourth quarter of 2022 and a gross loss of $0.5 million for the first quarter of 2022. The substantial improvement in gross margin was the result of pricing improvements, freight cost reductions and the Company's initiatives to drive further efficiencies in the business, including focusing its efforts on leveraging the scale of its ProFrac business to drive margin enhancement.
Adjusted Gross Profit (Loss) (Non-GAAP): Flotek generated an adjusted gross profit of $2.6 million compared to adjusted gross losses of $0.5 million and $0.2 million for the fourth and first quarters of 2022, respectively. Adjusted gross profit (loss) primarily excludes non-cash items, including amortization of contract assets, which reduces both revenue and gross profit.
Selling, General and Administrative ("SG&A") Expense: The Company's SG&A expense was $6.5 million for the first quarter of 2023 compared to $5.8 million for the fourth quarter of 2022 and $4.9 million for the first quarter of 2022. First quarter 2023 SG&A included higher non-recurring legal fees, offset by lower stock compensation costs. In addition, fourth quarter 2022 SG&A benefited from a $1.5 million reversal of an accrued discretionary bonus.
Severance Costs: Flotek recorded $2.2 million in separation costs in the first quarter of 2023, which was associated with the departure of the Company's previous CEO and other management level headcount reductions implemented in the period.
Net Income (Loss) and EPS: Flotek reported net income of $21.3 million, or $0.22 per basic share, for the first quarter of 2023. This is compared to a net loss of $19.0 million, or $0.25 per basic share, for the fourth quarter of 2022 and a net loss of $10.7 million, or $0.15 per basic share, in the first quarter of 2022. Net income during the first quarter of 2023 benefited from a $26.1 million non-cash gain related to the fair value adjustment of the Company's convertible notes, as well as a $4.5 million gain from the forgiveness of the Company's PPP loan.
Adjusted EBITDA (Non-GAAP): Adjusted EBITDA was negative $3.9 million in the first quarter of 2023 versus negative $5.1 million and negative $5.4 million for the fourth and first quarters of 2022, respectively. Adjusted EBITDA continues to trend upward, improving 24% sequentially.
Balance Sheet and Liquidity
Cash and cash equivalents remained stable at $12.4 million as of March 31, 2023, compared to $12.3 million as of December 31, 2022.
Flotek is continuing to pursue asset-based borrowing options. To date, the Company has received four non-binding proposals and is evaluating the various terms and conditions in each of the term sheets.
Conference Call Details
Flotek will host a conference call on May 9, 2023, at 9:30 a.m. CDT (10:30 a.m. EDT) to discuss its first quarter 2023 results. Participants may access the call through Flotek's website at www.flotekind.com under "Webcasts'' or by telephone toll free at 1-844-835-9986 (international toll: 1-412-317-5270) approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company's website.
About Flotek Industries, Inc.
Flotek Industries, Inc. creates unique solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial and commercial markets improve their environmental performance. The Company's primary focus is to enable its customers to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream energy customers, both domestic and international. In addition, the Company is positioned to integrate parallel industrial chemistry and data platforms by capitalizing on its digitization, engineering, chemical formulation knowledge, and intellectual property to drive multi-disciplinary advancements in sustainability and enterprise risk management. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit www.flotekind.com.
Forward -Looking Statements
Certain statements set forth in this press release constitute 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) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the company are set forth in the Company's most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the "Risk Factors" section thereof), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
3/31/2023
3/31/2022
12/31/2022
Revenue:
Revenue from external customers
$ 11,652
$ 10,382
$ 15,940
Revenue from related party
36,355
2,497
32,277
Total revenues
48,007
12,879
48,217
Cost of goods sold
46,127
13,358
50,291
Gross profit (loss)
1,880
(479)
(2,074)
Operating costs and expenses:
Selling, general, and administrative
6,451
4,886
5,779
Depreciation
176
195
180
Research and development
614
1,415
922
Severance costs
2,223
(7)
—
(Gain) loss on sale of property and equipment
—
8
(1,000)
Gain on lease termination
—
(584)
—
(Gain) loss in fair value of Contract
Consideration Convertible Notes Payable
(26,095)
3,892
8,941
Total operating costs and expenses
(16,631)
9,805
14,822
Income (loss) from operations
18,511
(10,284)
(16,896)
Other income (expense):
Paycheck protection plan loan forgiveness
4,522
—
—
Interest expense
(1,672)
(668)
(2,465)
Other income (expense) , net
(9)
224
212
Total other income (expense), net
2,841
(444)
(2,253)
Income (loss) before income taxes
21,352
(10,728)
(19,149)
Income tax (expense) benefit
(9)
4
123
Net income (loss)
$ 21,343
$ (10,724)
$ (19,026)
Income (loss) per common share:
Basic
$ 0.22
$ (0.15)
$ (0.25)
Diluted
$ (0.02)
$ (0.15)
$ (0.25)
Weighted average common shares:
Weighted average common shares used in
computing basic income (loss) per
common share
98,808
73,858
75,405
Weighted average common shares used in
computing diluted loss per common share
158,441
73,858
75,405
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$ 12,433
$ 12,290
Restricted cash
101
100
Accounts receivable, net of allowance for credit losses of $645 and
$623 at March 31, 2023 and December 31, 2022, respectively
15,609
19,136
Accounts receivable, related party
26,230
22,683
Inventories, net
15,904
15,720
Other current assets
4,516
4,045
Current contract asset
7,066
7,113
Total current assets
81,859
81,087
Long-term contract assets
71,372
72,576
Property and equipment, net
4,807
4,826
Operating lease right-of-use assets
4,923
5,900
Deferred tax assets, net
410
404
Other long-term assets
17
17
TOTAL ASSETS
$ 163,388
$ 164,810
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 41,929
$ 33,375
Accrued liabilities
9,870
8,984
Income taxes payable
11
97
Interest payable
—
130
Current portion of operating lease liabilities
3,050
3,328
Current portion of finance lease liabilities
36
36
Current portion of long-term debt
179
2,052
Convertible notes payable
—
19,799
Contract Consideration Convertible Notes Payable
43,800
83,570
Total current liabilities
98,875
151,371
Deferred revenue, long-term
35
44
Long-term operating lease liabilities
7,133
8,044
Long-term finance lease liabilities
13
19
Long-term debt
194
2,736
TOTAL LIABILITIES
106,250
162,214
Stockholders' equity:
Common stock, $0.0001 par value, 240,000,000 shares authorized;
94,613,664 shares issued and 88,170,936 shares outstanding at
March 31, 2023 ; 83,915,918 shares issued and 77,788,391 shares
outstanding at December 31, 2022
9
8
Additional paid-in capital
421,596
388,177
Accumulated other comprehensive income
160
181
Accumulated deficit
(330,176)
(351,519)
Treasury stock, at cost; 6,442,728 and 6,127,527 shares at March 31,
2023 and December 31, 2022 , respectively
(34,451)
(34,251)
Total stockholders' equity
57,138
2,596
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 163,388
$ 164,810
FLOTEK INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended March 31,
2023
2022
Cash flows from operating activities:
Net income (loss)
$ 21,343
$ (10,724)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Change in fair value of contingent consideration
(359)
94
Change in fair value of Contract Consideration Convertible Notes Payable
(26,095)
3,892
Amortization of convertible note issuance costs
83
166
Payment-in-kind interest expense
1,571
485
Amortization of contract assets
1,251
—
Depreciation and amortization
176
195
Provision for credit losses, net of recoveries
23
238
Provision for excess and obsolete inventory
258
310
Gain on sale of property and equipment
—
8
Gain on lease termination
—
(584)
Non-cash lease expense
977
56
Stock compensation expense
(1,112)
739
Deferred income tax (benefit) expense
(6)
(4)
Paycheck protection plan loan forgiveness
(4,522)
—
Changes in current assets and liabilities:
Accounts receivable
3,504
(194)
Accounts receivable, related party
(3,546)
14
Inventories
(441)
(999)
Income taxes receivable
—
(10)
Other assets
(470)
(220)
Accounts payable
8,554
616
Accrued liabilities
1,236
(2,350)
Operating lease liabilities
(1,190)
(214)
Income taxes payable
(87)
—
Interest payable
(8)
12
Net cash provided by (used in) operating activities
1,140
(8,474)
Cash flows from investing activities:
Capital expenditures
(157)
—
Proceeds from sale of assets
—
24
Net cash (used in) provided by investing activities
(157)
24
Cash flows from financing activities:
Payment for forfeited stock options
(617)
—
Payments on long term debt
(15)
—
Proceeds from issuance of convertible notes
—
21,150
Payment of issuance costs of convertible notes
—
(1,084)
Payments to tax authorities for shares withheld from employees
(200)
(59)
Proceeds from issuance of stock
20
—
Payments for finance leases
(6)
(14)
Net cash (used in) provided by financing activities
(818)
19,993
Effect of changes in exchange rates on cash and cash equivalents
(21)
8
Net change in cash and cash equivalents and restricted cash
144
11,551
Cash and cash equivalents at the beginning of period
12,290
11,534
Restricted cash at the beginning of period
100
1,790
Cash and cash equivalents and restricted cash at beginning of period
12,390
13,324
Cash and cash equivalents at end of period
12,433
24,835
Restricted cash at the end of period
101
40
Cash and cash equivalents and restricted cash at end of period
$ 12,534
$ 24,875
FLOTEK INDUSTRIES, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ITEMS AND NON-CASH ITEMS IMPACTING EARNINGS
(in thousands)
Three Months Ended
3/31/2023
3/31/2022
12/31/2022
Gross profit (loss)
$ 1,880
$ (479)
$ (2,074)
Stock compensation expense
(139)
156
85
Severance and retirement
15
3
—
Contingent liability revaluation
(359)
94
81
Amortization of contract assets
1,250
—
1,386
Adjusted Gross profit (loss) (Non-GAAP)
$ 2,647
$ (226)
$ (522)
Net income (loss)
$ 21,343
$ (10,724)
$ (19,026)
Interest expense
1,672
668
2,465
Income tax expense (benefit)
9
(4)
(123)
Depreciation and amortization
176
195
180
EBITDA (Non-GAAP)
$ 23,200
$ (9,865)
$ (16,504)
Stock compensation expense
(1,112)
739
1,062
Severance and retirement
2,238
(4)
—
Contingent liability revaluation
(359)
94
81
(Gain) loss on disposal of assets
—
8
(1,000)
Gain on lease termination
—
(584)
—
Contract Consideration Convertible Notes
Payable revaluation adjustment
(26,095)
3,892
8,941
Amortization of contract assets
1,250
—
1,386
PPP loan forgiveness
(4,522)
—
—
Non-Recurring professional fees
1,549
274
955
Adjusted EBITDA (Non-GAAP)
$ (3,851)
$ (5,446)
$ (5,079)
CSPI...Miami Dolphins today, NFL tomorrow??? ...CSPI is based in Florida so I'm not really expecting the NFL, but it would be nice. Good news none-the-less...
CSPi and Acronis partner with the Miami Dolphins to safeguard team data with cutting-edge cyber protection technology
MIAMI, May 02, 2023 (GLOBE NEWSWIRE) -- Acronis, a global leader in cyber protection, and CSP Inc. (NASDAQ: CSPI), a leading provider of cybersecurity solutions and IT managed services, are pleased to announce their official partnership with the Miami Dolphins. The partnership will enhance the team’s cybersecurity by utilizing Acronis' advanced technology and cyber protection solutions to protect their critical data and systems.
As part of the Acronis #TeamUp Program for service providers and through this partnership, CSPi will be providing the Miami Dolphins with Acronis' cyber protection solutions, including Acronis Cyber Protect Cloud, Cyber Backup, and Advanced Management.
"The Miami Dolphins are excited to partner with CSPi and Acronis, two companies that are leaders in their respective fields, to enhance our cyber security posture," Miami Dolphins Senior Vice President and Chief Revenue Officer Jeremy Walls said. "In collaborating with CSPi and Acronis, we look forward to optimizing on their cutting-edge technology solutions to maximize our IT operations and protect our critical systems."
The partnership will provide the managed service provider (MSP) with powerful sports marketing and business development opportunities including attendance at networking events, case studies, and more.
"Partnering with the Miami Dolphins is a testament to our commitment to delivering top-of-the-line cybersecurity solutions that enable organizations to perform at their best, without worrying about security risks," said Victor Dellovo, CEO of CSPi Technology Solutions. "We are proud to be their Acronis CyberFit Partner, and we are confident that our industry-leading expertise and solutions will help the Miami Dolphins maintain the highest level of performance."
“CSPi Technology Solutions is thrilled to announce our partnership with the Miami Dolphins as their Acronis CyberFit Partner.” emphasized Nick Monfreda, VP of Managed & Strategic Services at CSPi Technology Solutions. “We are excited to work alongside one of the most respected and iconic organizations in professional sports to ensure their cybersecurity needs are met with the most innovative and comprehensive solutions available. This partnership represents a great opportunity for us to showcase our industry-leading expertise and solutions while helping the Miami Dolphins protect their operations and enhance their performance. We look forward to working closely with the team to provide the best-in-class cybersecurity solutions and support they need to achieve their goals.”
The partnership between CSPi, Acronis, and the Miami Dolphins marks a new chapter as it seeks to leverage the latest technology and maintain the highest standards of cyber protection. The partnership will also provide CSPi and Acronis with a unique opportunity to showcase their expertise and capabilities to a global audience of sports fans.
"We are excited to partner with the Miami Dolphins and provide them with Acronis' industry-leading and innovative cyber protection solutions," said Acronis Vice President and General Manager, Americas, Pat Hurley. "We know that sports teams are increasingly relying on technology to drive success, and we are proud to be able to help the Miami Dolphins become #CyberFit."
To learn more about Acronis’ extensive sports partnership program, please visit: https://www.acronis.com/en-us/lp/msp-sports/
About the Miami Dolphins
The Miami Dolphins, owned by Chairman of the Board & Managing General Partner Stephen M. Ross, are the oldest major-league professional sports franchise in the state of Florida, having joined the NFL as part of the AFL-NFL merger in 1970. The organization has played in five Super Bowls, winning championships following the 1972 (VII) and 1973 (VIII) seasons. The franchise also has won five conference championships and 13 division championships. The Dolphins play home games at Hard Rock Stadium and train at the Baptist Health Training Complex in Miami Gardens. For more information, visit Dolphins.com.
About CSPi Technology Solutions (NASDAQ: CSPI)
CSPi Technology Solutions is a solution provider with expertise and service scope that includes managed IT services, professional IT services, and cloud services to architect and manage a high-performance, highly available, and highly secure IT infrastructure for our clients. CSPi partners with technology leaders to deliver innovative IT solutions to address clients' technical requirements that produce desired business outcomes.
CSPi Technology Solutions team of engineers has expertise across major industries. The engineers hold specialized certifications for various technologies, including networking, wireless & mobility, unified communications & collaboration, data center, and advanced security. For more information, please visit www.cspitechsolutions.com.
https://finance.yahoo.com/news/cspi-welcomes-miami-dolphins-acronis-160000528.html
CXDO...SSKILLZ, good points to consider. As for me though, I'm being a little stubborn with this pick because there is good growth ahead (IMO) w/ the stock price currently 22% below book.
I've been adding pretty much daily little by little as CXDO hits new lows. Currently getting crushed but at some point I think this thing will reverse and easily head back over $2. We'll see what happens.
Tomorrow's presentation should be interesting.
CXDO...Good morning BTuna. Here are a few links from the past few months on why I like them.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171522446
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171532114
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171205871
Don't miss their upcoming investor webcast tomorrow. Should be good...
https://finance.yahoo.com/news/crexendo-present-planet-microcap-showcase-130000059.html
PCTI...Nice inch up last couple days.
CXDO...Crexendo Adds Jenne, Inc. as New Technology Services Brokerage Partner
PHOENIX, AZ / ACCESSWIRE / April 19, 2023 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business. Our solutions currently support over three million end users globally. Crexendo announced today that Jenne Cloud Services Brokerage is a new Technology Services Brokerage for its VIP Business Communications Platform®.
The VIP platform is an all-in-one cloud business communications solution offering Video Collaboration, Interactions, and Business Phone communications for customers of all sizes. In addition, the VIP Platform features advanced customer experience capabilities to help companies deliver an excellent customer experience as well as the Crexendo VIP UCaaS offer.
The VIP platform was recently awarded the TMC 2022 Communications Solutions Products of the Year Award. The VIP Platform features the 100% UPTIME Guarantee* for maximum service dependability and reliability and is powered by NetSapiens. Crexendo is also ranked as the #1 High Performer for VoIP Providers on G2.com with a 4.9 out of 5 customer rating. Crexendo was also recently recognized as the fastest growing UCaaS platform in the United States.
Jenne, Inc. is a leading cloud services brokerage and value-added distributor of technology solutions focusing on Unified Communications and collaboration, networking and infrastructure, video conferencing, physical security, and the Internet of Things (IoT).
"Jenne's commitment to providing agents, resellers, integrators, and service providers with a broad product and solutions selection, competitive pricing and on-time accurate delivery makes them the perfect partner for VIP," said Company CRO Jon Britton. "Their sales support, training and customer centric approach matches perfectly with Crexendo. We are very excited about Jenne becoming a master agent for us. I expect this to be a long successful partnership supporting our best in breed VIP offering."
"We are thrilled to start this partnership with Crexendo. Their custom-built in-house products are a perfect addition to our robust Jenne Cloud Services Brokerage portfolio," said Michael Gottwalt, vice president, Cloud Sales and Enablement. "We know their award-winning VIP cloud communication solutions will be a very well received by our customers and we look forward to showing them the VIP advantages."
About Jenne, Inc.
Jenne, Inc. is a leading cloud services brokerage and value-added distributor of technology solutions focusing on Unified Communications and collaboration, networking and infrastructure, video conferencing, physical security, and the Internet of Things (IoT). Founded in 1986, Jenne is committed to providing agents, resellers, integrators, and service providers with a broad product and solutions selection, competitive pricing, on-time accurate delivery, outstanding technical support, and ongoing sales and technical training through Jenne University. The company is headquartered in Avon, Ohio.
Jenne Contact:
Erik Fenberg
Marketing Director
efenbereg@jenne.com
About CXDO
Crexendo, Inc. is an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business. Our solutions currently support over three million end users globally.
CSPI...BTuna, Main reason for selling some CSPI is to diversify and lock in long term profits after years of holding. Also sold some CLMB for the same reason. But still like both companies. Good cash, low/no debt, & growing.
When I say diversify, I have moved money into ACDC, ISUN, but mainly into CXDO. I keep adding CXDO little by little almost daily.
Spin the wheel.
BTW, ISUN is a crap shoot. If they file the 10k by Monday, than I'm guessing the bottom will be in. If it isn't filed by Monday, who knows...???
CSPI...Having a nice day. I still have a nice position in CSPI although I've sold off some as it's inched up. J Nerges must be adding again today.
ACDC...April 12, 2023 - Dear Fellow Shareholders,
In 2016, we formed ProFrac with the vision of creating a pressure pumping business capable of delivering best-in-class service quality and consistent profitability through business and economic cycles. We believe the opportunity for ProFrac is the best we have seen in any of our experiences in the oil and gas industry. By positioning it to consolidate the profit margin capable of being earned across the entire pressure pumping value chain, ProFrac has the opportunity to fully participate in the value embedded in the frac value chain. Our approach to the business is differentiated, and is already becoming evident in results.
ProFrac has quickly become the industry leader in fleet profitability by building what we believe is the best equipment and vertically integrating its supply chain. As the company expands its vertical integration strategy and sells a greater share of its sand, logistics and chemicals along with its pressure pumping services, we believe ProFrac has the potential to generate in excess of $50 million of gross profit per fleet, annually. Realizing this opportunity remains ProFrac's primary focus, and our commitment to helping ProFrac execute its strategic vision is steadfast, as evidenced by recent actions taken by the Wilks family and other insiders.
Beginning today, ProFrac will enter the next phase of its evolution as a publicly traded company. The Wilks family is pleased to announce that they, along with all other Class B shareholders, have exchanged all of their outstanding Class B common shares for Class A common shares. This exchange will streamline ProFrac's corporate structure through the elimination of the Company's Up-C structure.
This change in corporate structure not only clarifies the alignment between the interests of the Wilks family and ProFrac's other shareholders, but also serves to reduce the complexity and cost associated with maintaining the Up-C structure. Going forward, we believe ProFrac will benefit from reduced compliance and reporting costs as well as faster preparation and delivery of financial statements. Finally, with a single ownership class, we believe ProFrac's chances for index inclusion are improved, potentially broadening the universe of potential shareholders of the company.
In recent days, ProFrac insiders have further demonstrated their support for the company and conviction in the strength of the business. The Wilks family and a member of the ProFrac Board of Directors have collectively purchased 927,995 shares in the open market. We believe these share purchases, along with the corporate reorganization, illustrate our unwavering commitment to ProFrac and our goal of creating the industry's leading pressure pumping business.
As we look forward, we are excited for ProFrac to continue executing its strategic vision. The success of the company's efforts will be measured by the financial performance that it generates and the returns it delivers to shareholders. With this in mind, we are encouraging ProFrac to deliver a plan to return capital to shareholders.
We believe the best is yet to come for ProFrac and its investors, and we look forward to celebrating continued innovation, execution and performance.
"No matter what, you've got to always follow your passion in life and always keep learning." - Harold Hamm
Sincerely,
The Wilks Family
https://finance.yahoo.com/news/wilks-family-released-following-open-184500424.html
LAD...May play LAD today off of Carmax news...https://finance.yahoo.com/m/77c87e7f-9c4c-3d8d-81b8-4846360bb80b/carmax-earnings-top-wall.html
ISUN...Hit $0.75 this morning...New 52wk low. But the recent new lows have been set on low volume. With a market Cap of only $13M, ISUN is way way way oversold IMO. Maybe the new low is because they filed Form NT 10-K, but the 10k should be filed by April 15th. (Hopefully they file) . Maybe today is the bottom. I bought (added) @ avg $0.77 today.
Outlook
In the second half of 2022 and so far this year, iSun has secured significant business contracts across business segments throughout its market areas. This success, combined with the anticipated reduction of supply chain and logistics challenges that affected revenue growth in 2022, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022. iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.
https://finance.yahoo.com/news/isun-inc-reports-final-fourth-120000219.html
ACDC...ProFrac 10% owner Dan Wilks acquired 902,995 shares an average price of $12.19. To acquire these shares, it cost around $11.01 million.
https://www.nasdaq.com/market-activity/stocks/pfhc/insider-activity
ISUN...Market cap < $15M...Seems way oversold with a low float (under 15M shares outstanding), but I'm thinking about pulling some profit. We'll see.
ISUN...Not too shabby...iSun Inc. Reports Final Fourth Quarter and Full-Year 2022 Results..
(Book value per share = $4
Yesterday's closing share price = $0.91)
(iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.
ISun Wins Two New Solar Projects Valued At $4.9 Mln In Maine
Q4 2022 revenues of $25.9 million, a 36% increase from Q3 2022, driven by increased demand and higher productivity
Full-year 2022 revenue a record $76.5 million, up 69% over 2021
Reaffirms expectations for total revenue of $95-100 million in 2023, a 24-31% increase over 2022
WILLISTON, Vt., March 30, 2023--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced financial results for the fourth quarter and full-year 2022.
Quarterly Highlights
Revenue of $25.9 million, above guidance provided in November 2022 and up 36% sequentially from Q322, despite market challenges
Gross profit of $5.4 million
Gross margin of 21.0%, up 30 basis points from 20.7% in 2021’s fourth quarter
Awarded $11.0 million in new solar contracts in fourth quarter of 2022
Full-Year Highlights
Record annual revenues of $76.5 million, up 69% over $45.3 million in prior year
Gross profit of $16.0 million, an increase of $9.6 million compared to $6.4 million in 2021
Gross margin of 21.0%, up 680 basis points from 14.1% in 2021
Accelerated growth in residential segment, representing 50% of revenue in 2022 compared to 28% in 2021
Total backlog remains strong at $164.2 million
Management Commentary
"We are very pleased with our top-line revenue of $76.5 million in 2022, above the forecast we provided in November 2022, despite the industry-wide supply chain challenges," said Jeffrey Peck, Chief Executive Officer of iSun. "Over the course of the year, we added $138.4 million in backlog to drive our total backlog to $164.2 million at the end of 2022. We demonstrated continuing success in winning new business contracts and began working through our backlog with higher throughput and productivity. In our utility and development segment, our pipeline reached a record 1.6GW of projects at the end of 2022, up 1.1GW from the end of 2021. Moreover, we began diversifying our business in line with our strategy of participating across the spectrum of the industry, beginning to implement an important EV carport contract and starting to participate in joint ventures of projects.
"Given the challenges we overcame to generate these results, we are really proud of the team’s hard work in effectively addressing the needs of our customers across our business segments and developing strong customer relationships for the company going forward. That dedication was manifested in our Adjusted EBITDA profitability in the fourth quarter, illustrating our path towards scaling efficiently and profitably. Now, our focus is on executing these projects efficiently this year and beyond. We are pleased with the industry stability provided in the climate change legislation enacted last summer, since it removes uncertainty and impediments to financing and developing the alternative energy solutions our country needs, which aligns perfectly with our company mission. As these rules and regulations are finalized this year, we anticipate that it will increase the value of all solar assets, those in development and under construction, including our growing pipeline."
Fourth Quarter and Full-Year Results
iSun reported fourth quarter 2022 revenue of $25.9 million, compared to $27.0 million in the same period in 2021. Full year 2022 revenue was $76.5 million, representing a $31.2 million or 69% increase over the same period in 2021. This year’s revenue growth was driven primarily by the fulfillment of increased residential consumer demand and expanded services across all markets, as well as execution of the commercial and industrial backlog; total backlog was $164.2 million as of December 31, 2022. iSun also generated new future demand by adding $11.0 million in new business during the fourth quarter.
Divisional highlights as of December 31, 2022, include:
Residential division generated revenue of $11.8 million and $38.3 million in the fourth quarter and full-year, respectively. Customer orders of approximately $20.5 million are expected to be completed within four to six months.
Commercial division generated revenue of $0.4 million and $3.8 million in the fourth quarter and full-year, respectively, and has a contracted backlog of approximately $11.2 million expected to be completed within six to eight months.
Industrial division generated revenue of $13.3 million and $30.2 million in the fourth quarter and full-year, respectively, and has a contracted backlog of approximately $132.5 million expected to be completed within 12 to 18 months.
Utility and development division generated revenue of $0.4 million and $4.2 million in the fourth quarter and full-year, respectively. The Utility division has 1.6 GW of projects currently under development with projects achieving NTP in 2023.
Gross profit in the fourth quarter was $5.4 million compared to $5.6 million in the fourth quarter of 2021. Gross margin for the quarter was 21.0%, up 30 basis points from 20.7% in the same period in 2021. Full year 2022 gross profit was $16.0 million, up $9.6 million from $6.4 million in 2021. Full year 2022 gross margin was 20.9% compared to 14.1% in 2021, up 680 basis points. As synergies among the company’s segments grow, gross margin is expected to continue to strengthen.
Operating income in the fourth quarter was a loss of ($2.1) million compared to a loss of ($3.6) million in 2021’s fourth quarter. Full year 2022 operating income was a loss of ($18.3) million compared to a loss of ($10.6) million in 2021. Non-cash depreciation and amortization expenses were $1.8 million in the fourth quarter of 2022, compared to $0.4 million in prior year period. Full year 2022 non-cash depreciation and amortization expenses were $7.1 million compared to $1.0 million in 2021.
iSun reported a net loss of ($3.1) million, or ($0.12) per share, in the fourth quarter of 2022, compared to a net loss of ($1.1) million, or ($0.07) per share, in the same period in 2021. Full year 2022 net loss was ($16.6) million or ($1.18) per share, compared to a net loss of ($6.2) million or ($0.67) per share, in 2021.
Adjusted EBITDA for the fourth quarter of 2022 was $0.3 million or $0.02 per share, compared to $0.9 million or $0.14 per share in the same period in 2021. Full year 2022 Adjusted EBITDA was a loss of ($5.6) million or ($0.40) per share, compared to a loss of ($3.9) million or ($0.42) per share in 2021.
Outlook
In the second half of 2022 and so far this year, iSun has secured significant business contracts across business segments throughout its market areas. This success, combined with the anticipated reduction of supply chain and logistics challenges that affected revenue growth in 2022, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022. iSun also anticipates continued gross margin expansion and adjusted EBITDA profitability by the end of 2023.
iSun’ s comprehensive platform and recent investments position the company to respond effectively to increased energy demand associated with both solar energy and automotive electrification, and make iSun an important partner to consumers, businesses, industries, and utilities as they transition to renewable energy sources. iSun expects the recent climate legislation, contained in the Inflation Reduction Act of 2022 (IRA), to provide a more favorable environment for solar development and EV infrastructure over the next 10 years, and with the expected finalization of rules this year, to increase the value of solar assets, both in development and under construction.
Added Mr. Peck, "As we move through 2023, we are confident that our full portfolio of capabilities positions us increasingly well to accelerate our growth, as demonstrated by the our continued success in winning significant contracts. Our platform delivers a much-needed suite of services that meets the needs of a variety of customers and our team brings the expertise to execute efficiently on our customers’ needs. We continue to address increased demand for alternative energy, driven by higher residential and commercial energy costs. Now that our country’s energy policy has been established for the next 10 years through IRA, we expect those macroeconomic factors to help us scale our operations significantly in the next few years, and thus generate steadily higher revenue and reach operating profitability."
Fourth Quarter 2022 Conference Call Details
iSun will host a conference call today, Thursday, March 30, at 8:30 AM ET to review the Company’s financial results and discuss its operations and outlook. Participants can access the live conference call via telephone at 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 568326 or via webcast in the Investor Relations section of the iSun website at investors.isunenergy.com. An audio replay will be available through Thursday, April 13, 2023, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 47771. A webcast of the conference call will be available beginning approximately one hour after the call is completed at investors.isunenergy.com.
https://finance.yahoo.com/news/isun-inc-reports-final-fourth-120000219.html
HSON...Not too exciting. Q4..."Adjusted net income per diluted share (Non-GAAP measure)* decreased to $0.33 from adjusted net income per diluted share of $1.02 in the fourth quarter of 2021.
Adjusted EBITDA (Non-GAAP measure)* decreased to $2.4 million, versus adjusted EBITDA of $4.6 million in the fourth quarter of 2021."
https://finance.yahoo.com/news/hudson-global-reports-2022-fourth-123000041.html
ISUN...Earnings tomorrow. Been landing lots of contracts with a nice backlog but the stock price has been beat to a pulp. Up a good clip today though.
ISUN did a pre-earnings release a few weeks back...
https://finance.yahoo.com/news/isun-inc-provides-preliminary-full-213000189.html
CRK/Freeport LNG...jtomm, this is from CRK's earnings call from last month regarding NG storage..." Storage today is about 11% above one year, about 5% above 5-year, but if you were to add back that 2 Bcf of lost demand related to Freeport, those numbers shares have changed dramatically, would be 11.5% below one year would be 16% below the five years."
That is a huge difference.
TY to you and researcher for keeping the board updated.
Stuck my toe in the CRK waters today, but not a big position.
Holding a huge position in ACDC. And still a big position in FTK.
We'll see what happens...
CSPI...Yes!! Continues to inch up...So is CLMB.
CXDO...BIG heads up...Crexendo did 24% more in sales than what is showing in the earnings report if you include the Allegiant acquisition. Pro forma FY2022 consolidated sales (as if Allegiant Networks had been included since January 1, 2021) was $46.7M. That is $9M more than the $37.6M that was reported for FY2022 in the earnings report.
Management is projecting strong organic growth so 2023 is going to be a hella year!!!
Going to be some great comps as we head through the year.
Pro forma #'s are in the 10k (page 73)
https://capedge.com/filing/1075736/0001654954-23-002860/CXDO-10K-2022FY
Stock price = $1.58. Market cap = approx $41M
ACDC/FTK...Both companies have had the sh!t kicked out of them in the past couple weeks. Trying to hold on.
Bought more ACDC. It's just too damn undervalued in the $10's. Will lighten the load on the way up since I'm so heavy this position.
CXDO...SSKILLZ, I thought about the points you brought up (thank you), but after going through the cc again I think I'm going to hold and accumulate on dips. Highlighted in the cc notes I just posted are the biggest reasons for me holding CXDO at these levels.
There are things I don't understand about Crexendo, but all-in-all the company seems to be in a sweet spot for strong organic growth, they are trading @ book after cleaning up the balance sheet, are cash flow positive, and no doubt in my mind Cisco & Microsoft have their eyes on them.
Whole lot of room for upside, but you never know.
IMO
CXDO...CC NOTES:
(Stock price = $1.58. Market cap = approx $41M)
- Software Solutions increased 75% to $15.1M for 2022.
- Re: Recent acquisition of Allegiant: Allegiant was a Crexendo platform customer and we are already seeing great synergies as we integrate their customers onto ours. They offer managed services, IT services and network services to their clients, services that we intend to offer our Crexendo customer base in the near term.
- We continue to see tremendous demand in growth in the UCaaS industry.
- Our unique model combined with our robust platform continues to drive new partners to Crexendo. It allows us to differentiate ourselves from our 2 largest competitors, Cisco's BroadSoft and Microsoft's Metaswitch offerings which are significantly higher priced based on their cost per seat model. We recently announced new partners that left the likes of Cisco and Avaya and hope to secure more partner wins in the year ahead.
- We also continue to see strong traction in the European market reflected by the large increase in bookings and new logos added in 2022.
- 100% uptime guarantee along with a lifetime warranty on our Crexendo phones.
- Backlog increased 12% YoY, excluding the Allegiant acquisition.
- Our Software Solutions revenue increased nicely from 53% in 2021 to 65% in 2022. And our product gross margins also saw a nice increase from 34% to 43% year over year.
- During Q4 we released our newest version of software version 43 to great reviews and acceptance and we just released our Insight Management Application [ph] for the platform and have had great adoption from our licensees. We also recently released our Contact Center as a Service, or CCaaS offering which provides omnichannel customer engagement, chatbots and automations into our platform for larger call center applications. We have begun receiving orders for the new offering and are seeing a lot of larger opportunities being proposed.
- WE HAVEN'T SEEN A SLOW DOWN IN SALES. WE SEE LOTS OF DEMAND FOR OUR PRODUCTS, both on the direct side from end user customers and on the platform side.
- We recently had BroadSoft -- Cisco BroadSoft clients move over, Avaya clients move over from their hosted offerings to the Crexendo platform. We just got done exhibiting at the IT Expo in Miami and had tremendous, tremendous excitement about our platform.
- We continue to see a lot of opportunity coming to us looking for our products and services.
- We did see growth from Allegiant from 2021 to 2022 on an overall basis. We've got a great pipeline of opportunities, so we see strong growth opportunity there. We don't give forward guidance but I anticipate seeing good organic growth coming out of Allegiant and their numbers along with good organic growth coming out of both segments of the Crexendo side of the house.
- None of our licensees, including Crexendo, are having an issue with the lack of opportunities. There's a lot of business out there that still needs to migrate to the cloud and we're taking advantage of it, as are our partners.
- Still not a material contribution to our numbers, but we saw tremendous growth in the international markets as well. And the international markets are even further behind on adoption than the U.S. markets.
So we continue to see nice traction in the U.K. and the European markets. And in Australia, we've got significant momentum in Australia right now as well.
- For our licensee applications out there, we are anticipating a price increase that was not announced to the community yet. We do anticipate a little bit of a price increase coming down the pipe for our licensees that'll be announced soon.
- If you think about BroadSoft and Metaswitch owning the majority of the markets out there from a platform perspective, they are notoriously tough to deal with and very expensive to deal with.
And so when people are looking for alternatives for the platform, we are the third largest platform provider and the fastest-growing platform provider domestically.
Seeing a lot of great demand Internationally because our product is so easy to use, so simple to implement and easy to expand. And so we’re getting a lot of excitement and a lot of traction there.
- We have positive cash flows, we run the business incredibly conservatively and carefully, we don't make stupid decisions or stupid investments. I'll tell you what does keep me up at night. To be honest, in this market, our stock, in my opinion, is tremendously undervalued. We are in a weak sector and we've been hit even harder than some of our competitors. The stock prices will keep me up at night because I'm very concerned that somebody might try and make a run at us before we've had the opportunity to fully value and fully appreciate the value that I know is going to be unlocked here.
https://capedge.com/transcript/1075736/2022Q4/CXDO
BMTX...+22% this morning...BM Technologies Secures New Bank Partner and Extends Key Partnerships; New Variable Pricing Structure Benefits Revenues
Two Year Extension of Existing and Largest BaaS Partnership
New Bank Partnership with First Carolina Bank for Higher Education Business
New Agreement with Customers Bank for Existing and Largest BaaS Partnership
RADNOR, PA / ACCESSWIRE / March 22, 2023 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, today announced that the Company has executed a new Deposit Processing Services Agreement (DPSA) with First Carolina Bank for the Higher Education business and a new DPSA with Customers Bank for our existing and largest BaaS partnership deposits. Both bank partnership agreements include variable rate servicing fees which will result in superior economics for BMTX in the current interest rate environment.
"We are excited to kick-off 2023 with these key agreements in place. The new variable rate pricing structure of these agreements significantly improves our revenue outlook in 2023, and adding a new Durbin-exempt partner bank for the Higher Education business provides a further benefit to interchange revenues," said Luvleen Sidhu, Chair, CEO, and Founder of BMTX. Sidhu further added, "we selected First Carolina Bank due in large part to its strong regulatory capital, ample liquidity, clean credit, respected management team, and solid profitability."
At the current effective federal funds rate, the collective benefit of the variable rate servicing fee structure would result in a margin increase of more than 100 basis points on average serviced deposits from the prior fixed rate servicing fee structure.
The Company will host a conference call and webcast on Monday, March 27, 2023, at 5:00 pm ET to discuss fourth quarter and full year 2022 results and this announcement. The conference call will be webcast live from BMTX's investor relations website. A replay will be available following the call.
"Wall Street ultimately took its cue from Yellen, who said the government "is not considering insuring all uninsured bank deposits"
https://www.yahoo.com/news/marketmind-powell-giveth-yellen-taketh-214828718.html
CXDO...TY SKILLZ. I'll rehash it. Also going to relisten to the cc later. They were very positive in the cc.
ACDC...Transcript is out. Here are the strongest statements in the cc...
- To put it in context, AT TODAY'S PRICING, we believe a fully integrated fleet that aggregates profits across the entire frac value chain, including horsepower, sand and chemicals and logistics could generate as much as $50 million in gross profit annually. .
- ProFrac has 42 fleets active today and expects to grow to 46 by the end of the year as they complete construction of newly built electric fleets.
- Highlighting the full value chain when you can get incredible utilization like our fleets have, you can get an incredible pull-through on your products that you're selling through, which would include the sand, logistics and chemicals. So having high utilization and pulling goes through on a fully bundled service offering is incredible. And with it being such a low percentage in Q4 and seeing that growing on a quarter-over-quarter basis, we think that the annualized EBITDA per fleet has potential to reach well over $50 million of fleet.
(Side note: Not sure how many fleets will be fully utilized by y/e, but here is where ProFrac is headed...46 fleets x $50M = $2.3B EBITDA per year)
- We look forward to delivering an incredible '23 and showing what our business model is capable of. It's these types of environments where we see a little choppiness in the market where -- we hope to set ourselves apart and show exactly why we put a vertically integrated business together that captures as much of the value chain as possible. It gives us a very resilient business model and allows us to outperform on a relative basis and show that this is a full cycle business that doesn't just look good in the good times but outperforms through the cycle.
Lots of good stuff in the cc...
https://finance.yahoo.com/news/q4-2022-profrac-holding-corp-051155888.html
Hard to believe the stock price is in the $11's. Will continue to buy if/as the share price continues to fall.