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 …