Profire(US:PFIE)2024-05-08 20:02Revenue and Rig Count - Total revenues for the quarter ended March 31, 2024, decreased by 7% or $1,043,488 compared to the same quarter in 2023, attributed to a decrease in North America rig count and lower natural gas prices [96]. - The average rig count for North America in Q1 2024 was 810, down from 977 in the same period last year, while average natural gas prices decreased by 19% [96]. Profitability and Income - Gross profit margin for Q1 2024 was 49.5%, down 3.8% from the same quarter last year and down 4.4% from Q4 2023 [97]. - Income from operations for Q1 2024 was $1,737,089, a significant decrease from $3,305,801 in Q1 2023 [99]. - Net income for Q1 2024 was $1,434,375, compared to $2,589,621 in Q1 2023 and $3,290,545 in Q4 2023 [100]. Operating Expenses and Cash Flow - Operating expenses for Q1 2024 increased by $492,375 compared to the same quarter last year, primarily due to increases in headcount and cost inflation [98]. - Operating cash flow for Q1 2024 was negative at $(2,692,138), compared to positive cash flows of $521,780 in Q1 2023 and $4,395,818 in Q4 2023 [101]. Working Capital and Investments - Working capital at March 31, 2024, was $36,521,702, an increase from $35,377,246 at December 31, 2023 [102]. - The company used $531,267 in cash from investing activities to purchase property and equipment during Q1 2024 [103]. - As of March 31, 2024, the company held $16,233,347 in cash and investments, representing its core excess liquidity [103].