American Power Group Provides Fiscal 2024 Mid-Year Corporate Update

March 2024 Unaudited Quarterly Revenue Up 267 Percent to $1.3 Million And Six Month Unaudited YTD Revenue was up 193 Percent to $1.8 Million as Compared to the Prior Year’s Results 

ALGONA, IA / ACCESSWIRE / April 17, 2024 / American Power Group Corporation ("APG") (OTC PINK:APGI) today provides the following corporate update.

Foto: Accesswire

Revenue for the three months ended March 31, 2024 was up 267% to $1,293,000 as compared to $352,000 for the three months ended March 31, 2023. Revenue for the six months ended March 31, 2024 was up 193% to $1,831,000 as compared to $624,000 for the six months ended March 31, 2023. The increase in fiscal 2024 revenue is directly related to our growing market share in the dual fuel stationary conversion market for frack engines operating in the oil and gas production sector. With oil prices on the rise, we are diligently working to close on over $3.1 million + of outstanding conversion quotes spread over multiple stationary dealers/installers.

Our unaudited net loss for the three and six months ended March 31, 2024 was approximately $75,000 and $540,000, respectively, as compared to a net loss of $334,000 and $595,000, respectively, for the same periods last year. The results for the three and six months ended March 31, 2024, include approximately $333,000 and $586,000, respectively, of emission testing and development/support costs associated with our efforts to enhance our existing technology as well as expand our EPA/CARB engine family approvals to include newer Class 8 truck engines. Given the lack of currently available natural gas/RNG options for fleets running heavy-duty 15L trucks, we are focusing on newer engine platforms in the 2019 to 2023 range starting with Cummins ISX 15L high HP (450+) engine platform given it allows for a much greater market/application coverage.

APG's Stationary S4000 technology has a field performance reputation of the highest up-time and lowest total cost of ownership amongst the dual fuel industry which was underscored by our announcement a year ago that our stationary/off-road dual fuel installation base had reached an estimated 15 million cumulative run hour milestone. Our S4000 seamlessly introduces natural gas from renewable, fossil or treated field gas into the induction system of a diesel engine, displacing up to 65% (50% average) of the diesel fuel. The S4000 System does not change any of the OEM diesel engine components, maintaining base engine temperature and pressure parameters of the OEM engine. Displacing on average 50%+ of the diesel fuel with natural gas has had an enormous impact on operating costs, emissions and of course carbon footprint for operators using our technology.