Thanks
Robert
PNG reported a slight EPS beat, coming in at 1.24c, beating estimates of 1c. Revenue more than tripled on a year-over-year basis, but did miss estimates coming in at $28.01M versus forecasts of $$28.35M. Guidance for 2024 was maintained, expecting evenue between $90M to $100M and Adjusted EBITDA in the $18M to $24M range. Management mentioned that it made improvements to improve its technical and commercial depth in 2023 and made significant investments in headcount and infrastructure. PNG also subsequently reported that it received an order for more than $6M for subsea batteries that will be delivered in 2024 and 2025. Momentum continues to be strong and while this quarter was slightly below expectations on a revenue basis, PNG continues to grow at a high rate and win contracts.