American Power Group Inc (OTCMKTS:APGI), a subsidiary of American Power Group, gives cost-effective alternative fueling solutions for diesel engines for reducing methane criteria pollutants. It also facilitates in accelerating low-carbon future. The company’s Dual Fuel conversion technology, a unique patented software and hardware solution, enables high-horsepower diesel engines for displacing about 65% of diesel fuel with natural gas. Engines having APG’s Dual Fuel technology can harness the compressed natural gas, renewable natural gas as well as captured flare-stack methane in low cost, lower carbon and better criteria pollutant emissions.
Furthermore, the company’s Dual Fuel conversion technology is fully compatible with renewable diesel and biofuels lowering the carbon footprint and meeting Environmental, Social, and Corporate Governance objectives.
Trading Data
On Tuesday, APGI stock moved up 1.73% to $0.0235 with more than 11K shares, compared to its average volume of 20K shares. The stock moved within a range of $0.0235 – 0.0300 after opening trade at $0.0300.
American Power Group Announces Unaudited Results For Q3 Fiscal 2022 Quarterly Revenue Of $1.1 Million as Compared to $1.3 Million Last Year – Year To Date Revenue Up 51 Percent To $2.9 Million As Compared To The Prior Year
American Power Group Corporation on August 2, 2022 announced the unaudited results for three and nine months ending June 30, 2022.
Chuck Coppa, APG’s CEO/CFO said that the Unaudited net revenue for three and nine months ending June 30, 2022, was $1,082,000 and $2,921,000 respectively. This was lower than $1,346,000 and $1,937,000, respectively in the previous year. Coppa said that the penetration into the oil/gas fracking market in the last few years has been a significant revenue driver. He added that more than 260 engines were converted during this period. The CEO further stated that the higher year-to-date revenue can be attributed to the shipment of $2.1 million from the lead dealer during fiscal 2022.
Coppa also said that the unaudited net income after income taxes was about $105,000 and $453,000 for three and nine months ending June 30, 2022 vis-à-vis $249,000 and a net loss after taxes of $339,000. The CEO also said that the ongoing efforts to lower fixed operating costs and reduce long-term debt have resulted in lower year-to-date interest expenses by 55 percent to approximately $135,000 vis-à-vis $303,000 in the previous year. Coppa also said that the efforts to strengthen the balance sheet have resulted in reducing overall corporate debt in the last two years.
During the nine months ending June 30, 2022, the firm had other incomes of about $158,000 and $154,000, respectively. This was related to the forgiveness of the Small Business Administration’s Paycheck Protection Program loans.
American Power Group Corporation on July 6, 2022, announced the conversion of $1.97 million of convertible notes as well as related accrued interest into 7,861,172 shares of unregistered common stock pursuant to the term of a May 2018 agreement.
As per the CEO, the company has reduced debt by about $6.8 million, including $1.8 million of long-term bank debt. It also managed to do a conversion of about $5 million of convertible debt and accrued interest, which was converted at $0.25 per share, a portion of which is noted above.
Technical Data
APGI stock is trading below the 20-Day and 50-Day Moving averages of $0.0269 and $0.0273 respectively. However, the stock is trading above the 200-Day moving average of $0.0249. The company has a total market capitalization of $1.88 million.
