[Q3 2024 Financial Results Overview](index=1&type=section&id=Profire%20Energy%20Reports%20Financial%20Results%20for%20Third%20Quarter%202024) Profire Energy achieved record Q3 2024 revenue and maintained a strong balance sheet, while also announcing its pending acquisition by CECO Environmental [Q3 2024 Financial Highlights](index=1&type=section&id=Third%20Quarter%20Summary) Profire Energy reported its highest quarterly revenue in company history at **$17.2 million** for Q3 2024, an increase from **$14.9 million** in the prior-year quarter, with modest year-over-year growth in net income and EBITDA, and a strong balance sheet with **$16.9 million** in cash and investments and no debt Q3 2024 Key Financial Metrics (vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Revenue** | $17.2 million | $14.9 million | | **Gross Profit** | $8.3 million | $7.5 million | | **Gross Margin** | 48.2% | 50.0% | | **Net Income** | $2.2 million | $2.0 million | | **Diluted EPS** | $0.04 | $0.04 | | **EBITDA** | $3.1 million | $2.9 million | | **Cash and Investments** | $16.9 million | N/A | | **Debt** | None | N/A | [Pending Acquisition by CECO Environmental](index=1&type=section&id=Pending%20Acquisition%20and%20Conference%20Call%20Update) Profire Energy announced its agreement to be acquired by CECO Environmental in an all-cash transaction, leading to the cancellation of its Q3 2024 earnings conference call - Profire Energy has agreed to be acquired by CECO Environmental for **$2.55 per share** in an all-cash deal[2](index=2&type=chunk) - The transaction is anticipated to close in **Q1 2025**[2](index=2&type=chunk) - Due to the pending acquisition, the company has canceled its Q3 earnings conference call[2](index=2&type=chunk) [Financial Performance Analysis](index=1&type=section&id=Third%20Quarter%202024%20Financial%20Results) The company achieved record revenues driven by diversification, though gross margins declined due to project mix and inflation, while operating expenses rose and EBITDA increased [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenues for Q3 2024 reached a record **$17.2 million**, up from **$15.2 million** in Q2 2024 and **$14.9 million** in Q3 2023, primarily driven by strong performance in the company's diversification business segment Revenue Performance | Period | Revenue | | :--- | :--- | | **Q3 2024** | $17.2 million | | **Q2 2024** | $15.2 million | | **Q3 2023** | $14.9 million | - The sequential and year-over-year revenue increase was partially driven by strong activity in the diversification business[3](index=3&type=chunk) [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Gross margin decreased to **48%** in Q3 2024 from **50%** in the prior-year quarter, impacted by inflation and a higher mix of lower-margin diversification projects, while operating expenses rose by **12%** year-over-year to **$5.5 million**, driven by a significant **85%** increase in R&D spending, general inflation, and higher headcount, despite which net income saw a slight increase to **$2.2 million** Gross Profit and Margin Comparison | Period | Gross Profit | Gross Margin | | :--- | :--- | :--- | | **Q3 2024** | $8.3 million | 48% | | **Q2 2024** | $7.9 million | 52% | | **Q3 2023** | $7.5 million | 50% | - The decline in gross margin was attributed to inflationary pressures and an increased mix of lower-margin projects in critical energy infrastructure and non-oil and gas sectors[4](index=4&type=chunk) - Total operating expenses increased to **$5.5 million**, up from **$4.9 million** YoY, due to inflation and increased headcount to support growth[5](index=5&type=chunk) - Compared to Q3 2023, R&D expenses increased by **85%** due to inflation, headcount increases, and new product development activities[6](index=6&type=chunk) Net Income Comparison | Period | Net Income | Diluted EPS | | :--- | :--- | :--- | | **Q3 2024** | $2.2 million | $0.04 | | **Q2 2024** | $2.1 million | $0.04 | | **Q3 2023** | $2.0 million | $0.04 | [Non-GAAP Measures (EBITDA)](index=3&type=section&id=About%20Non-GAAP%20Financial%20Measures) The company uses EBITDA, a non-GAAP financial measure, for internal financial and operational decision-making and to evaluate period-to-period performance, reporting **$3.1 million** for Q3 2024, up from **$2.9 million** in the same period last year EBITDA Reconciliation (Three Months Ended Sep 30) | Metric | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Net Income** | 2,182,637 | 2,039,390 | | Net Income Tax Expense | 752,400 | 611,008 | | Net Interest (Income) Expense | (90,941) | (69,727) | | Depreciation and Amortization | 263,751 | 274,208 | | **EBITDA** | **3,107,847** | **2,854,879** | [Financial Statements](index=5&type=section&id=Financial%20Statements) The balance sheet strengthened with increased assets and equity, while the income statement showed Q3 growth but a 9-month net income decline, and cash flows shifted to a net outflow from operations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2024, Profire Energy's balance sheet shows total assets of **$69.6 million**, an increase from **$66.3 million** at the end of 2023, driven by increases in accounts receivable and inventories, while total liabilities decreased to **$7.9 million** from **$9.5 million**, contributing to a stronger total stockholders' equity of **$61.7 million** Key Balance Sheet Items | Account | Sep 30, 2024 ($) | Dec 31, 2023 ($) | | :--- | :--- | :--- | | **Total Current Assets** | 47,302,016 | 44,472,716 | | Cash and cash equivalents | 7,963,892 | 10,767,519 | | **Total Assets** | **69,601,892** | **66,293,845** | | **Total Current Liabilities** | 7,575,020 | 9,095,470 | | **Total Liabilities** | **7,870,131** | **9,455,619** | | **Total Stockholders' Equity** | **61,731,761** | **56,838,226** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For the third quarter of 2024, the company generated total revenues of **$17.2 million** and a net income of **$2.2 million**, while for the nine months ended September 30, 2024, revenues were **$46.0 million** and net income was **$5.7 million**, a decrease from **$7.5 million** in the same period of 2023, primarily due to lower income from operations Income Statement Summary (Three Months Ended Sep 30) | Metric | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Total Revenues** | 17,197,953 | 14,943,899 | | **Gross Profit** | 8,281,755 | 7,477,084 | | **Income from Operations** | 2,750,152 | 2,543,603 | | **Net Income** | **2,182,637** | **2,039,390** | Income Statement Summary (Nine Months Ended Sep 30) | Metric | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Total Revenues** | 45,999,606 | 44,187,449 | | **Gross Profit** | 22,898,100 | 22,724,638 | | **Income from Operations** | 7,078,784 | 9,073,317 | | **Net Income** | **5,679,737** | **7,486,169** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, the company experienced a net cash outflow from operating activities of **$0.2 million**, a significant shift from a **$2.7 million** inflow in the prior year, mainly due to changes in working capital like increased inventories and accounts receivable, resulting in a net decrease in cash of **$2.8 million** for the period Cash Flow Summary (Nine Months Ended Sep 30) | Activity | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Net Cash Provided by (Used in) Operating Activities** | (222,740) | 2,668,232 | | **Net Cash Used in Investing Activities** | (611,149) | (1,029,240) | | **Net Cash Used in Financing Activities** | (1,926,290) | (690,042) | | **Net Change in Cash** | **(2,803,627)** | **954,285** | [Company Information and Disclosures](index=2&type=section&id=Company%20Information%20and%20Disclosures) This section provides an overview of Profire Energy's business and includes a cautionary note regarding forward-looking statements and associated risks [About Profire Energy, Inc.](index=2&type=section&id=About%20Profire%20Energy%2C%20Inc.) Profire Energy is a technology company that provides solutions to enhance the efficiency, safety, and reliability of industrial combustion appliances, primarily focusing on the oil and gas industry while actively expanding into other sectors - Profire Energy provides technology solutions for industrial combustion appliances to improve efficiency, safety, and reliability[7](index=7&type=chunk) - The company's primary market is the oil and gas industry, but it is actively expanding its addressable market to other industries[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements regarding expected growth and revenues, which are not guarantees of future performance and are subject to various risks, assumptions, and uncertainties that could cause actual results to differ materially - The report includes forward-looking statements concerning expected growth and diversification revenues, which are subject to market risks and uncertainties[8](index=8&type=chunk)

LINDON, Utah, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances, today reported financial results for its third quarter ending September 30, 2024. Third Quarter Summary (comparisons to prior-year quarter) Revenue of $17.2 million, compared to $14.9 millionGross profit of $8.3 million, compared to $7.5 millionGross margin of 48.2%, compare ...

Revenue Performance - Total revenues for the quarter ended September 30, 2024, increased by 15% or $2,254,054 compared to the same quarter in 2023, driven by diversified revenue streams [110]. - Total revenues for the nine months ended September 30, 2024, were $45,999,606, representing a 4.1% increase from $44,187,449 in the same period of 2023 [117]. - Average oil price per barrel increased to $78.57 in 2024 from $77.27 in 2023, contributing to revenue growth [117]. - Diversified revenue constituted 26% of total revenue in Q3 2024, up from 17% in the same quarter of the previous year [110]. - Diversified revenue streams accounted for nearly 18% of total revenue in 2024, up from 11% in 2023 [117]. Profitability - Gross profit margin for Q3 2024 was 48.2%, down 1.8% from the same quarter last year and down 3.6% from Q2 2024 [112]. - Gross profit percentage decreased to 49.8% from 51.4% year-over-year, a decline of 1.6% [118]. - Income from operations for Q3 2024 was $2,750,152, compared to $2,543,605 in the same quarter of 2023 [114]. - Net income for Q3 2024 was $2,182,637, an increase from $2,039,390 in the same quarter of 2023 [115]. - Net income for the nine months ended September 30, 2024, was $5,679,737, down 24.1% from $7,486,169 in the same period of 2023 [118]. Expenses and Cash Flow - Operating expenses for Q3 2024 increased by $598,124 compared to the same quarter last year, primarily due to headcount increases and cost inflation [113]. - Operating expenses rose by 15.9%, increasing from $13,651,321 to $15,819,316, primarily due to headcount increases and general cost inflation [118]. - The company used net operating cash of $6,908 in Q3 2024, compared to generating $885,573 in the same quarter of 2023 [116]. - Operating cash flow was negative at $(222,740) for the nine months ended September 30, 2024, compared to a positive cash flow of $2,668,232 in the same period of 2023, a decrease of 108.3% [118]. Market Expansion and Product Development - The company continues to expand its addressable market by completing installations of burner-management solutions in industries outside of oil and gas [97]. - The company’s burner-management systems are designed to comply with safety and industrial codes, enhancing operational efficiency and safety for customers [102]. Investment and Liquidity - Cash used in investing activities was $611,149 for property and equipment purchases during the nine months ended September 30, 2024 [120]. - Cash and investments held as of September 30, 2024, totaled $16,887,070, representing the company's core excess liquidity [120]. - Working capital as of September 30, 2024, was $39,726,996, an increase from $35,377,246 at December 31, 2023 [119].

Core Viewpoint - Monteverde & Associates PC is investigating Profire Energy, Inc. regarding a proposed merger with First CECO Environmental Corp, where CECO's subsidiary will offer $2.55 per share for Profire's common stock [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report [1]. - The firm is headquartered in the Empire State Building, New York City, and specializes in class action securities litigation [2]. Group 2: Merger Details - The proposed merger involves a tender offer by a CECO subsidiary to acquire all issued and outstanding shares of Profire common stock at a price of $2.55 per share [1].

Group 1 - Halper Sadeh LLC is investigating Profire Energy, Inc. for potential violations related to its sale to CECO Environmental Corp. at $2.55 per share in cash [1] - GlycoMimetics, Inc. is undergoing a merger with Crescent Biopharma, Inc., with GlycoMimetics stockholders expected to own approximately 3.1% of the combined company post-transaction [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

PR®FIRE INVESTOR PRESENTATION NASDAQ : PFIE AUGUST 2024 IMPORTANT CAUTIONS REGARDING FORWARD – LOOKING STATEMENTS This presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All statements other than historical facts are forward-looking statements, including without limitation, those regarding activities, events, financial results or developments that we intend, plan, expect, believe, project, forecast or anticipate will or may occur in the futu ...

LINDON, Utah, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ:PFIE), a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances, today reported financial results for its second quarter ending June 30, 2024. A conference call will be held on Thursday, August 8, 2024 at 8:30 a.m. ET to discuss the results. Second Quarter Summary (comparisons to prior-year quarter) Revenue of $15.2 million, compared to $1 ...

LINDON, Utah, July 24, 2024 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ:PFIE), a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances, will hold a conference call on Thursday, August 8, 2024, at 8:30 a.m. ET to discuss results for its 2024 second quarter ended June 30, 2024. Financial results are expected to be filed with the Securities and Exchange Commission and reported in a press release prior to the con ...

LINDON, Utah, July 24, 2024 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances, will hold a conference call on Thursday, August 8, 2024, at 8:30 a.m. ET to discuss results for its 2024 second quarter ended June 30, 2024. Financial results are expected to be filed with the Securities and Exchange Commission and reported in a press release prior to the co ...

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. PFIE has a P/S ratio of 1.25. This compares to its industry's average P/S of 1.41. While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual str ...