Titan NRG (TTNN)

[gdog]

Titan NRG Inc.
February 20, 2024
In this article:

TTNN
0.00%
Watchlist

Watchlist

OTCM
+3.27%

TUCSON, AZ - (NewMediaWire) - February 20, 2024 - 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