February 7, 2024 – St. Albert, Alberta – Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the “Company” or “Enterprise”), a consolidator of services to the energy sector that is focused primarily on specialized equipment rental, today released its Q4 2023 and FY 2023 unaudited results.


Increased capital spending in the energy industry has resulted in higher activity levels and improved results for the quarter. “Our unaudited numbers show that Enterprise delivered a 10% revenue increase in Q4 and a 25% increase for FY23,” stated Leonard Jaroszuk, President & CEO. “Our aggressive growth plans going forward will build on initiatives commenced in 2021 with significant development in the area of cost-effective solutions to markedly reduce greenhouse gases for our clients’ projects, including our numerous Tier One customers.”



Quarter 4:

(Unaudited) (1)

Three months December 31, 2023


Three months December 31, 2022







Revenue $9,599,000   $8,734,000   $865,000 10%
Gross margin $4,844,000 50% $4,158,000 48% $686,000 16%
Adjusted EBITDA(2) $4,375,000 46% $3,284,000 37% $1,091,000 34%



Year end:

(Unaudited) (1)

Year ended

December 31, 2023


Year ended December 31, 2022







Revenue $33,501,000   $26,892,000   $6,609,000 25%
Gross margin $15,502,000 46% $10,880,000 40% $4,622,000 42%
Adjusted EBITDA(2) $13,286,000 40% $8,149,000 30% $5,137,000 63%


  • The Company’s annual year end audit is currently underway; however, it has not yet been completed. The financial figures presented in this release are subject to audit verification and adjustments.  The Company expects to release its audited consolidated financial statements no later than March 25, 2024.


  • Identified and defined under “Non-IFRS Measures”.


  • The 2023 fiscal year is the strongest in recent history despite a challenging second quarter. The second quarter of 2023 saw industry activity slow due to spring breakup, seasonal road bans and reduced of activity resulting from wildfires and related evacuations in Northern Alberta and British Columbia.


  • Revenue for the three months ended December 31, 2023 was $9,599,000 compared to $8,734,000 in the prior period, an increase of $865,000 or 10%. Gross margin for the three months ended December 31, 2023 was $4,844,000 compared to $4,158,000 in the prior period, an increase of $686,000 or 16%.  Adjusted EBITDA for the three months ended December 31, 2023 was $4,375,000 compared to $3,236,000 in the prior period, an increase of $1,136,000 or 34%.


  • Revenue for the year ended December 31, 2023 was $33,501,000 compared to $26,892,000 in the prior year, an increase of $6,609,000 or 25%. Gross margin for the year ended December 31, 2023 was $15,502,000 compared to $10,880,000 in the prior year, an increase of $4,622,000 or 42%.  Adjusted EBITDA for the year ended December 31, 2023 was $13,286,000 compared to $8,149,000 in the prior year, an increase of $5,137,000 or 63%.


  • For the year ended December 31, 2023, the Company purchased and cancelled 1,278,500 shares at a cost of $512,000, reducing the share capital account by $1,169,000. Since the initiation of the share buyback program, the Company has purchased and cancelled 11,336,00 shares at a cost of $2,904,000 and as a result, the Company’s share capital account has been reduced by $15,971,000 over the entire share buyback program.  Enterprise believes its stock remains undervalued and will continue to re-invest positive cash flow to buy-back shares to enhance shareholder value.


  • On January 23, 2023, the Company’s common shares began trading on the OTCQB Venture Market under the ticker symbol ETOLF. In addition to the listing, Enterprise’s shares are now eligible for electronic clearing and settlement with the Depository Trust Company for trading in the United States.  This listing will help to increase Enterprise’s visibility and accessibility to a growing audience of U.S. investors.

About Enterprise Group, Inc.

Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and international resource companies with operations in Western Canada. More information is available at the Company’s website www.enterprisegrp.ca. Corporate filings can be found on www. sedar.com. For questions or additional information, please contact:

Leonard Jaroszuk: President & CEO, or

Desmond O’Kell: Senior Vice-President




Forward-Looking Information

This news release may contain certain forward-looking information, as defined under applicable Canadian securities legislation, that is not based on historical fact, including without limitation statements containing the words “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts” and other similar expressions. In particular, this news release includes forward-looking information relating to the Facility and the Company’s intention to pursue acquisition opportunities and to purchase shares pursuant to the normal course issuer bid. Actual results, events, or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in the Company’s Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


Non-IFRS Measures

The Company uses International Financial Reporting Standards (“IFRS”).  Adjusted EBITDA is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a non-IFRS measure.  This news release contains references to Adjusted EBITDA.  This non-IFRS measure used by the Company may not be comparable to a similar measure used by other companies.  Management believes that in addition to net income, Adjusted EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company’s principal business activities prior to consideration of how those activities are financed, how the results are taxed.  Adjusted EBITDA is calculated as net income excluding depreciation, amortization, interest, taxes, and stock based compensation.