American Power Group reports 2022 revenue $3.5M vs. $2.7M last year

Chuck Coppa, APG’s CEO/CFO stated, "Unaudited net revenue for fiscal year ended September 30, 2022, increased by $848,000 or 32 percent to $3,531,000 as compared to $2,683,000 for the fiscal year ended September 30, 2021. Our gross margin improved to 48 percent as compared to last year’s 39 percent primarily due to increased revenue and a $130,000 reduction in non-cash capitalized software amortization during fiscal 2022. Our penetration into the oil/gas fracking market over the past several years has been the primary revenue driver with the fiscal 2022 revenue increase attributable to follow-on orders from our lead dealer/installer. We currently have $4+ million of outstanding stationary conversion quotes spread among several of our dealers/installers. Our unaudited net income after income taxes was $289,000 for the fiscal year ended September 30, 2022 as compared to an unaudited net loss after taxes of $302,000 for the fiscal year ended September 30, 2021. The results for fiscal year ended September 30, 2022 and 2021, include other income of $158,000 and $154,000, respectively, associated with the forgiveness of our Small Business Administration’s Paycheck Protection Program loans.We continue our efforts to strengthen our balance sheet and have reduced our overall corporate debt over the past 24 months by approximately $6.7 million, including $2.0 million of long-term debt and the conversion of approximately $4.7 million of convertible debt and accrued interest, in the aggregate, at $0.25 per share. We anticipate filing our Fiscal 2022 Annual Report with the OTC Markets prior to the end of December 2022 and do not anticipate any material changes in our results as noted above."