Executive Summary

Q4 2023 revenue was $6,877,519, up 160% year over year; gross profit was $1,882,940; operating income was $124,023; net loss was $83,022; Adjusted EBITDA was $1,223,302 .
Management guided 1Q 2024 revenue to approximately $3.5 million and FY 2024 revenue “similar” to FY 2023 ($19,346,306), signaling stable topline amid operational repositioning; no EPS was disclosed .
Strength came from reclamation services and successful integration of acquired businesses (Range Environmental Resources, Range Natural Resources, Collins Building & Contracting), with corporate non-cash adjustments and interest expense weighing on GAAP results .
Near-term stock reaction catalyst: explicit 1Q revenue guide, segment repositioning toward larger projects and subcontractor model for mining operations to scale with less capital .

What Went Well and What Went Wrong

What Went Well

“Seventh consecutive quarter of revenue growth” culminating in FY 2023 revenue of $19.3M vs $4.8M in FY 2022; CEO: “rapid sales growth is a direct result of our dedicated employees, the market opportunity… and our unique… impact investing” .
Q4 Adjusted EBITDA of $1.223M vs $0.561M in Q4 2022; FY 2023 Adjusted EBITDA of $3.930M vs $(0.202)M in FY 2022, reflecting improved operating efficiency and integration benefits .
Reclamation services (“Range Reclaim”) drove results: Q4 segment revenue $6.492M; segment Adjusted EBITDA $1.499M in Q4, underscoring core segment momentum .

What Went Wrong

Q4 GAAP net loss of $83,022 despite positive operating income, as “Other Income” (net) was $(207,045) and interest expense totaled $261,816; corporate non-cash adjustments of $332,780 also impacted GAAP metrics .
Cash flow from operations was $(636,082) in Q4 due primarily to working capital changes of $(1,597,568), highlighting cash conversion volatility with project timing .
Margin compression vs Q3 (gross/operating/net % not disclosed for Q3) limits direct sequential margin analysis; Q4 gross margin was 27.4%, below Q4 2022’s 36.7%, indicating mix or cost dynamics .

Financial Results

Quarterly Trend (oldest → newest)

Metric	Q2 2023	Q3 2023	Q4 2023
Revenue ($USD)	$3,998,267	$5,455,633	$6,877,519
Gross Profit ($USD)	$845,101	$2,857,766	$1,882,940
Operating Income ($USD)	$101,759	$1,659,871	$124,023
Net Income ($USD)	$36,762	$3,404,175	$(83,022)
Adjusted EBITDA ($USD)	$479,405	$2,056,257	$1,223,302
Cash Flow from Operations ($USD)	$(1,074,195)	$1,473,118	$(636,082)

Q4 YoY Comparison (oldest → newest)

Metric	Q4 2022	Q4 2023
Revenue ($USD)	$2,645,661	$6,877,519
Gross Profit ($USD)	$970,517	$1,882,940
Operating Income (Loss) ($USD)	$(35,563)	$124,023
Net Income (Loss) ($USD)	$(61,400)	$(83,022)
Adjusted EBITDA ($USD)	$561,081	$1,223,302

Margins (oldest → newest)

Metric	Q2 2023	Q3 2023	Q4 2023
Gross Profit Margin %	21.1%	Not disclosed	27.4%
Operating Profit Margin %	2.5%	Not disclosed	1.8%
Net Income Margin %	0.9%	Not disclosed	-1.2%
Cash Flow from Operations Margin %	-26.9%	Not disclosed	-9.2%

Segment Breakdown

Q4 Segment Revenue and Gross Profit (oldest → newest)

Segment	Q4 2022 Revenue	Q4 2023 Revenue	Q4 2022 Gross Profit	Q4 2023 Gross Profit
Range Reclaim	$2,645,661	$6,491,717	$970,517	$1,639,943
Range Security	—	$385,802	—	$242,997
Range Water	—	—	—	—
Range Land	—	—	—	—
Drug Development	—	—	—	—
Total	$2,645,661	$6,877,519	$970,517	$1,882,940

Q4 Segment Net Income and Adjusted EBITDA (oldest → newest)

Segment	Q4 2022 Net Income	Q4 2023 Net Income	Q4 2022 Adj. EBITDA	Q4 2023 Adj. EBITDA
Range Reclaim	$662,750	$613,604	$891,894	$1,498,955
Range Security	—	$198,548	—	$201,439
Range Water	—	$(16,184)	—	$(15,544)
Range Land	—	$(13,134)	—	$(13,134)
Drug Development	$(130,506)	$(104,428)	$(130,506)	$(104,428)
Corporate	$(593,644)	$(761,428)	$(200,307)	$(343,986)
Total	$(61,400)	$(83,022)	$561,081	$1,223,302

FY Consolidated (oldest → newest)

Metric	FY 2022	FY 2023
Revenue ($USD)	$4,832,278	$19,346,306
Gross Profit ($USD)	$1,393,252	$6,234,809
Operating Income (Loss) ($USD)	$(1,100,433)	$1,754,364
Net Income (Loss) ($USD)	$(1,072,176)	$3,131,055
Adjusted EBITDA ($USD)	$(202,200)	$3,929,925
Cash Flow from Operations ($USD)	$(603,778)	$438,637

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD)	Q1 2024	Not previously provided	~$3.5M	New
Revenue ($USD)	FY 2024	Not previously provided	“Similar to FY 2023” ($19,346,306)	New/maintained vs FY 2023 actual

Note: No explicit guidance was provided for margins, OpEx, OI&E, tax rate, or dividends in Q4 materials .

Earnings Call Themes & Trends

No Q4 2023 earnings call transcript was available; themes reflect prepared remarks and prior-quarter releases [ListDocuments returned 0; see also Q2/Q3 press releases].

Topic	Previous Mentions (Q2 2023, Q3 2023)	Current Period (Q4 2023)	Trend
Acquisition & integration	Q2: Positive net income from ordinary ops; focus on building businesses . Q3: “successful completion” of $2.4M contract; third reclamation company acquired; 1,900 acres purchased for renewable project .	Integration of Range Environmental Resources, Range Natural Resources, Collins Building drove revenue growth .	Strengthening
Segment strategy	Q2: Environmental/security segments contributing modestly . Q3: Rapid expansion of reclamation; LTM growth .	Reposition Range Environmental to larger, longer-term projects; transition Range Natural to subcontractor model; allocate resources to seasonal AML jobs .	Evolving to scale with less capital
Revenue outlook	Q2/Q3: Record sales momentum; LTM revenue growth .	Guide: 1Q 2024 ~$3.5M; FY24 similar to FY23 .	Stabilizing after rapid growth
Non-GAAP focus	Q2/Q3: Adjusted EBITDA used by management .	Continued emphasis on Adjusted EBITDA; definition includes interest, taxes, D&A, stock-based comp, one-time items .	Consistent
Graphium (drug dev) decoupling	Q3: Operating alongside impact investing; LTM progress .	Name change to Range Impact (RNGE); plan to decouple Graphium; brand aligned to impact investing .	Decoupling momentum

Management Commentary

“I am pleased to announce our seventh consecutive quarter of revenue growth, culminating in annual revenues of $19.3 million in fiscal 2023 compared to annual revenues of $4.8 million in fiscal 2022.” — Michael Cavanaugh, CEO .
“Our reclamation services business has been the primary driver of our revenue growth over the past two years… successful acquisition and integration of Range Environmental Resources and Range Natural Resources… and Collins Building & Contracting.” — Michael Cavanaugh .
“We have repositioned our Range Environmental business to focus on larger, longer-term mine projects, transitioned our Range Natural mining operations to a subcontractor model… and allocated more employees and equipment to… seasonal abandoned mine land jobs through Collins Building.” — Michael Cavanaugh .
“We anticipate revenue for 1Q 2024 to be approximately $3.5 million… and a full year 2024 revenue target similar to full year 2023 levels.” — Michael Cavanaugh .

Q&A Highlights

No Q4 earnings call transcript was found; below are key investor topics addressed in prepared remarks and releases:

Outlook clarity: explicit 1Q 2024 revenue guide and FY 2024 revenue target commentary .
Operating model changes: focus on larger projects and subcontractor model to scale with less capital intensity .
Segment contributions: reclamation services remain primary growth driver; security contributing; water/land/drug development minimal to none near term .

Estimates Context

Wall Street consensus for Q4 2023 (EPS, revenue, EBITDA) via S&P Global was unavailable at time of analysis; therefore, beat/miss vs consensus cannot be determined. Values retrieved from S&P Global were unavailable due to data mapping/limits; as a result, we do not present estimate comparisons here.
Without consensus, we anchor assessment on company-reported results and year-over-year/quarter-over-quarter trends .

Key Takeaways for Investors

Core thesis anchored in reclamation services: Q4 segment performance and Adjusted EBITDA support sustained operating momentum; continued integration benefits likely to persist .
Operating model shift should improve scalability and capital efficiency (subcontractor model in mining, focus on larger/longer projects); monitor margin trajectory and cash conversion as these changes seasonally reallocate resources .
Cash flow variability tied to working capital remains a watch item; Q4 CFO negative due to significant working capital changes; look for normalization in 1Q/2Q with project timing .
Near-term revenue outlook is stable (1Q guide ~$3.5M; FY24 similar to FY23); absent consensus, stock reaction likely hinges on execution of repositioning and backlog conversion .
Non-GAAP Adjusted EBITDA is management’s primary performance metric; GAAP net income impacted by interest and non-cash corporate adjustments; focus on EBITDA and cash flows for valuation .
Strategic branding and potential decoupling of drug development (Graphium) sharpen the impact-investing narrative (RNGE), simplifying the story for investors focused on Appalachia reclamation .

KPIs (selected)

KPI	Q2 2023	Q3 2023	Q4 2023
Adjusted EBITDA ($USD)	$479,405	$2,056,257	$1,223,302
Cash Flow from Operations ($USD)	$(1,074,195)	$1,473,118	$(636,082)
Gross Profit Margin %	21.1%	Not disclosed	27.4%
Operating Profit Margin %	2.5%	Not disclosed	1.8%
Net Income Margin %	0.9%	Not disclosed	-1.2%

Additional Context

Capital raise: $1.7M via 11,333,336 shares at $0.15, led by strategic investors, bolstering growth capital and investor mix .
Corporate identity: Name change to Range Impact (RNGE) and segments disclosure for 2024 reporting, aligning brand and financial reporting with impact-investing strategy .

RANGE IMPACT, INC. (MLCT)·Q4 2023 Earnings Summary