Profire(US:PFIE)2023-05-09 20:07Financial Performance - Total revenues for the quarter ended March 31, 2023, increased by 53% or $5,050,321 compared to the same quarter in 2022, driven by strong customer demand and higher sales prices [85]. - Gross profit margin for Q1 2023 was 53.8%, up 5.9% from Q1 2022 and up 6.8% from Q4 2022, influenced by price increases and higher margin products sold [87]. - Income from operations for Q1 2023 was $3,305,800, significantly higher than $688,995 in Q1 2022 and $2,292,914 in Q4 2022 [89]. - Net income for Q1 2023 was $2,589,621, compared to $627,160 in Q1 2022 and $1,825,022 in Q4 2022 [90]. - Operating cash flows for Q1 2023 increased by $521,780 compared to a decrease of $1,192,349 in Q1 2022, primarily due to increased net income [91]. Expenses and Costs - Operating expenses for Q1 2023 increased by $659,599 compared to Q1 2022, primarily due to headcount increases and cost inflation [88]. Working Capital and Investments - Working capital at March 31, 2023, was $29,067,153, up from $25,245,311 at December 31, 2022 [92]. - The company continues to invest in expanding its market presence in diversified industries beyond oil and gas [78]. Market Activity - The average rig count for North America in Q1 2023 was 977, a 20% increase from 816 in the same period last year [85]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements and does not plan to in the foreseeable future [94].