American Power Group Announces Unaudited Results For Q2 Fiscal 2022

Quarterly Revenue And Net Loss In Line With Prior Year

Year To Date Revenue Of $1.84 Million Up 211 Percent As Compared To Prior Year

ALGONA, IA / ACCESSWIRE / May 27, 2022 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the unaudited results for the three and six months ended March 31, 2022.

Foto: Accesswire

Chuck Coppa, APG's CEO/CFO stated, "Unaudited net sales for the three and six months ended March 31, 2022, were approximately $315,000 and $1.84 million, respectively as compared to approximately $357,000 and $591,000 for the three and six months ended March 31, 2021, respectively. Our penetration into the oil/gas fracking market over the past two years has been the primary revenue driver with over 240 engines converted during this period. The increase in year-to-date revenue is attributable primarily to the shipment of a $1.4 million follow-on order from our lead dealer/installer during the December 2021 quarter. We currently have $5+ million of outstanding stationary conversion quotes spread among several of our dealers/installers."

Mr. Coppa added, "Our unaudited net loss after income taxes was approximately $310,000 for each of the three months ended March 31, 2022 and the three months ended March 31, 2021, respectively. Our unaudited net income after income taxes for the six months ended March 31, 2022 was approximately $348,000 as compared to an unaudited net loss after income taxes of approximately $588,000 for the six months ended March 31, 2021. During the six months ended March 31, 2022 and 2021, we recognized other income of approximately $158,000 and $154,000, respectively, associated with the forgiveness of our Small Business Administration's Paycheck Protection Program loans. Our ongoing efforts to reduce fixed operating costs as well as reduced long-term debt have positively impacted our net results with our year-to-date interest expense down 53 percent to approximately $108,000 as compared to $204,000 in the prior year-to-date period."

Mr. Coppa added, "In March 2022, we closed the sale of approximately 98.4 million of unregistered shares of common stock valued at approximately $2.46 million to existing shareholders, including $2.2 million purchased by entities associated with or controlled by our Chairman. We are utilizing a portion of the proceeds to accelerate our V6000 Low-Carbon Dual Fuel solution awareness campaign including trade show participation, demo truck program expansion, website upgrade as well as other visibility initiatives intended to underscore the immediate economic and environmental benefits of using our V6000 Low-Carbon Dual Fuel solution."