Quadrogen Power Systems Inc., a company specializing in renewable natural gas systems, has experienced substantial growth over the past five years, ranking No. 6 on BIV's 2023 list of fastest-growing companies. The privately held firm reported a 753.4% revenue growth between its 2018 and 2022 fiscal years, reaching over $23.4 million in revenue last year.
Quadrogen's CEO, Alakh Prasad, revealed plans to achieve $30 million in sales for 2023. The company's systems, which convert biogas generated from food waste into renewable natural gas, allow companies to reduce their carbon footprints or sell to resellers. Quadrogen first introduced these systems to the market in 2017.
The firm counts tech giants Apple Inc. (NASDAQ:NASDAQ: AAPL ) and Microsoft Corp . (NASDAQ:NASDAQ: MSFT ) among its clientele. Apple, with a market cap of 2.65T USD and a P/E ratio of 28.39 according to InvestingPro data, has been a prominent player in the Technology Hardware, Storage & Peripherals industry. InvestingPro Tips reveal that Apple has maintained its dividend payments for 12 consecutive years, a strong indication of its financial health.
On the other hand, Microsoft, with a market cap of 2.3T USD and a P/E ratio of 32.03, is a key player in the Software industry. InvestingPro data also shows that Microsoft has maintained its dividend payments for 21 consecutive years, further establishing its position as a stable and profitable company.
Quadrogen has installed more than 100 systems ranging in price from $200,000 to $8 million. It operates manufacturing plants in India, the US, and Canada, employing 250 people and plans to expand its 37-worker contingent in Burnaby.
Prasad highlighted Quadrogen's unique position in Canada's clean-energy space as a profitable company. He emphasized the importance of profitability for attracting investors, stating that while revenue growth is beneficial, generating earnings is often key.
In other news from BIV's 2023 list of fastest-growing companies, AbCellera Biologics Inc. (NASDAQ:ABCL) experienced a surge in revenue due to its COVID-19 treatments developed in partnership with Eli Lilly and Co. (NYSE:NYSE: LLY ). CEO Carl Hansen called the company's 2023 revenue decline a "slowdown", with sales down by 90% on an annualized basis.
Several other companies on the list, including Victoria-based Certn Holdings Inc., Premium Brands Holdings Corp. (TSX:PBH), and The Jim Pattison Group, saw revenue increases due to acquisitions and commodity price surges.
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