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Here is the reason behind PFIE stock soaring on Tuesday’s after-hours

Profire Energy (PFIE) stock rallied in Tuesday’s after-hours session, and it gained 17.93% in value. The turnaround was due to the latest announcement by Profire Energy.

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  • Partnership with Spartan Controls

On March 16, 2021, PFIE announced the strategic distribution agreement and partnership with Spartan Controls Ltd.(Spartan). The deal will help Profire Energy expand its sales team, and Profire Energy will get more opportunities in industrial combustion markets. It will also help in PFIE growth in current tough economic times due to the Corona Pandemic.

The CFO and Co-CEO of PFIE said that Spartan’s new partnershipwould open the Canadian market for us. It will bring an expansive sales and business development footprint across their territory.

  • The recent partnership with ECI

Profile recently entered into a strategic partnership agreement with ECI. ECI focuses on delivering industrial automation solutions throughout Pennsylvania, West Virginia, Ohio, and western Maryland. The partnership with ECI will help Profire to strengthen its footprint and presence in the North East with itscurrent customer base.

  • Participation in the Virtual 33rd Annual ROTH Conference

PFIE participated in the Virtual 33rd Annual ROTH Conference, which was held on March 15-17, 2021. PFIE was represented by Ryan Oviatt, Co-Chief Executive Officer and CFO, and Cameron Tidball. Co-Chief Executive Officer had several virtual meetings during the conference.

  • Financial results

On March 11, 2021, PFIE reported its fourth quarter and full fiscal year ending December 31, 2020.

The financial highlights for the fourth quarter of 2020.

  • The PFIE total revenues were $5.7 million for the reported quarter.
  • The gross profit of PFIE for the reported quarter was $2.8 million, compared to $3.4 million in the prior-year quarter
  • It spent $2.8 million in expenses for the reported quarter.
  • Net income was $55,918 or $0.00 per diluted share compared to a net loss of $1.6 million or ($0.03) per share in the same quarter last year.

The financial highlights for full-year 2020.

  • PFIE total revenues for the year were $21.5 million, compared to $39.0 million in the prior year.
  • Gross profit for the full-year was $9.5 million compared to $19.5 million last year.
  • PFIE spent $12.6 million in operating expenses in the whole year.
  • PFIE suffered a net loss of $2.2 million or $0.05 per share, compared to a net income of $2.0 million or $0.04 per diluted share last year
  • PFIE Stock continues to operate debt-free, and Cash and liquid investments totaled $17.6 million at the end of 2020.

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