PROFIRE ENERGY INC
ir.profireenergy.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Nov 6, 2024. Its latest SEC filing is a SCHEDULE 13G/A from Feb 13, 2025.
10-Q for Q3 FY2024, filed Nov 6, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Designs and sells burner-management systems, with installation and maintenance services, for oil and gas operators, equipment makers, and other industrial customers.
10-K for FY2023, filed Mar 13, 2024Across the energy industry, there are numerous demands for heat generation and control. Applications such as combustors, enclosed flares…View ↗
We continue to assess regulatory requirements applicable to our customers. We believe our burner-management systems and services offer…View ↗
Our systems and solutions have been widely adopted by exploration and production companies (E&P), midstream operators, pipeline operators…View ↗
Due to the nature of our legacy business, we collaborate with and sell to many Original Equipment Manufacturers (OEMs) who build…View ↗
Leveraging our core technology, platforms and combustion expertise, we have started to achieve success and complete projects in new…View ↗
How Did They Make Money?
Customers buy burner-management products at delivery (or sometimes shipment), and service work is billed for completed work when the company can invoice for it.
10-K for FY2023, filed Mar 13, 2024Our performance obligations include providing product and servicing our product and other combustion equipment related to our product. We…View ↗
$58.2M
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10-K for FY2023, filed Mar 14, 2024
$58.2M ↗
Who Were Their Customers?
Oil and gas operators and utilities are end users; the company builds direct relationships with end users and also sells through equipment makers and electrical-service partners. Sales in newer industries use direct sales, equipment makers, and resellers.
10-K for FY2023, filed Mar 13, 2024Our systems and solutions have been widely adopted by exploration and production companies (E&P), midstream operators, pipeline operators…View ↗
Our principal market is the oil and gas industry of the United States and Western Canada, specifically, the Permian, Marcellus, Niobrara…View ↗
Due to the nature of our legacy business, we collaborate with and sell to many Original Equipment Manufacturers (OEMs) who build…View ↗
Leveraging our core technology, platforms and combustion expertise, we have started to achieve success and complete projects in new…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 19 cents of every revenue dollar as net income in FY2023 and turned 10 cents into free cash flow.
10-K for FY2023, filed Mar 14, 2024
$11.9MView ↗
10-K for FY2023, filed Mar 14, 2024
$10.8MView ↗
10-K for FY2023, filed Mar 14, 2024
$5.8MView ↗
How Were They Changing?
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Jan 3, 2025
Profire completed a merger with its acquirer
The merger closed, and Nasdaq halted trading in Profire shares.
Sources
8-K, filed Jan 3, 2025
Following the Offer Acceptance Time and the consummation of the Offer, each condition to the Merger (as defined below) set forth in the…View ↗
Grew. Revenue grew 49% in 4 years, from $39M in FY2019 to $58.2M in FY2023, about 11% a year.
Expansion beyond oil and gas
The older report describes identifying possible applications outside oil and gas; the latest says Profire has completed many installations in other industries and is pursuing direct, equipment-maker, and reseller opportunities in a broader range of markets.
10-K for FY2020, filed Mar 10, 2021 10-K for FY2023, filed Mar 13, 2024We are a technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances…View ↗
Who Did They Compete With?
Competes with Clear Rush, Combustex, SureFire, Platinum, Honeywell Thermal, Emerson, Fireye, and Siemens
10-K for FY2023, filed Mar 13, 2024Profire has several competitors including Clear Rush (ACL), Combustex, SureFire, and Platinum. These companies offer similar products and…View ↗
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