Transportation and downstream energy company Titan NRG (OTCMKTS:TTNN) was in the news yesterday after it announced its financial results for the first fiscal quarter of the 2022 fiscal year. In this situation, it may be a good idea for investors to consider taking a look at the numbers that had been reported by Titan.
Trading Data
On Tuesday, TTNN stock ended flat at $0.15 with more than 3.9K shares, compared to volume of 19K shares. The stock moved within a range of $0.1500 – 0.1500 after opening trade at $0.15.
Titan NRG, Inc. (TTNN) Releases 2022 Quarterly Report With 84% Revenue Increase Over Same Quarter 2021
The company managed to bring in total revenues to the tune of as much as $1,808,254 for the quarter to go along with $521,876 in gross profits. During the course of the quarter, the company received as much as $2,173,339 from its customers and on top of that, the account receivables figure at the end of the quarter came in at $431,638.
The Chief Executive Officer and President of the company, Alex Majaica Jr spoke about the performance as well. He noted that the company had managed to improve on its performance when compared to the prior year period. He noted that one of the biggest improvements had been recorded by the trucking business, which generated a year on year rise in revenues to the tune of as much as 84%. In light of such a strong performance, it may be a good time to start tracking the Titan NRG stock.
Key Quote
“So far, 2022’s first quarter is outpacing the first quarter of 2021 by a decent margin with our trucking sector boasting an 84% increase in revenues year over year. We’re still seeing more opportunities for continued organic growth due to tightness in the specialized trucking market.” said Alex Majalca Jr., Titan NRG’s President, and CEO. “We continue to invest time into finding more efficient practices and protocols. Much time and work is going into improving how we do business and how that business is recorded, especially regarding the synergies between the companies.”
Technical Data
TTNN stock is below the 20-Day and 50-Day Moving averages of $0.17 and $0.17 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.22. The stock is down 42% over the past 6-month.
