Profire Energy Inc. (NASDAQ:PFIE) Stock Consolidates After The Recent Move

Profire Energy Inc. (NASDAQ:PFIE) is moving in a range after the company released its Q2 2021 financial results for the period ended June 30, 2021. The company reported revenue growth of 18.5% QoQ to $6 million and realized gross profit of around $2.7 million.

The sequential increase in revenue reflects increased demand for services and product sales. Net loss was $397,166 or $0.01 per share while EBITDA improved $453,546 YoY to $161,127. At the end of the quarter, the company had $19.1 million in cash and investment, debt-free.

Co—CEO and CFO Ryan Oviatt said that the reopening of various global economies inQ2 2021 increased customer demand and boosted commodity prices in the gas and oil markets. Oviatt stated that the sequential quarter and YoY revenue growth reflects equipment maintenance resumptions primarily affected by the pandemic and increased product sales. He added that the company managed to generate cash flow and enhance its cash position in H1 2021. Therefore, in the coming months, PFIE is a stock to watch.

Market Reaction:

On Wednesday, PFIE stock ended flat at $1.10 with more than 91k shares, compared to its average volume of 116k shares. The stock has moved within a range of $1.0600 – 1.1090 after opening the trade at $1.08.

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