Eguana Announces 2nd Quarter 2022 Financial Results
May 30 2022 - 4:00PM
Eguana Technologies Inc. ("
Eguana" or the
"
Company") (TSX-V: EGT, OTCQB: EGTYF) today
announced results for its second quarter ended March 31, 2022.
“Considering the positive market response to the
premium branded products with focus on product availability
consistency, and the continued failure of our Canadian supply chain
partners to deliver required circuit board volumes, we elected to
expedite and complete the full turnkey transition to Omega”
commented Eguana CEO Justin Holland. “The operations and
development teams from both companies were integrated to work as a
single unit delivering a fully commissioned facility with a 400
unit per month production capacity.”
Fiscal Q2 2022 Financial
Highlights
- Q2 2022 product
revenue of $0.3 million, down from Q2 2021 product revenue of $0.4
million due to lack of Canadian supplied circuit boards and
management decision to transition and fully commission Omega
EMS
- Q2 2022 gross
margin from product sales of $71.6 thousand, or 25.1%, an increase
from $13.8 thousand, or 4.0%, in Q2 2021, due primarily to
favorable inventory adjustments through the quarter, offset by
freight costs associated with the purchase of raw materials for
systems sold in the quarter
- Q2 2022
operating loss of $2.5 million, a slight change from a $2.2 million
operating loss for the same period in 2021
- Positive
working capital trend sitting at $4.4 million at March 31, 2022, an
increase from a working capital deficit of $12.2 million for Q2
2021, and positive working capital of $2.4 million for Fiscal
2021
Business Highlights
- Completed circuit board
manufacturing transition to contract manufacturing partner Omega
EMS in San Jose California
- Post quarter end, completed full
turnkey production and test transition to Omega, increasing
production capacity to 400 units per month
- Launched the Eguana Enfuse line of
micro inverters
- Completed $150 million CAD base
shelf prospectus to accelerate future financing opportunities
- Post quarter end, completed $10
million USD loan agreement with Western Technology Investment
Eguana initiated and expedited a full
manufacturing transition to its contract manufacturing partner
Omega EMS to de-risk future sales and open additional manufacturing
capacity and supply chain bandwidth. They also confirmed future
system testing equipment has been ordered and will be installed and
commissioned this year, doubling its production capacity from 400
to 800 systems per month.
“Additional testing equipment will double our
capacity again and this, along with our alternative parts program
being run as a joint effort with Omega, has put us in position to
ramp up operations immediately and continuously” added Holland.
“The market is looking for consistent supply of both storage
systems and micro inverters, both of which are now available.”
The Consolidated Financial Statements and the
Management Discussion and Analysis thereof are available on SEDAR
at www.sedar.com
Eguana Announces Change in Year
End
Eguana is pleased to announce that its Board of
Directors has resolved to change the Company’s fiscal year-end from
September 30 to December 31 to align the Company’s financial
reporting with the calendar year end and the majority of publicly
traded companies. The notice for the year-end change required under
National Instrument 51-102 has been filed under the Company’s
profile at www.sedar.com.
About Eguana Technologies Inc.
Based in Calgary, Alberta Canada, Eguana
Technologies Inc. (EGT: TSX.V) (OTCQB: EGTYF) designs and
manufactures high performance residential and commercial energy
storage systems. Eguana has two decades of experience delivering
grid edge power electronics for fuel cell, photovoltaic and battery
applications, and delivers proven, durable, high quality solutions
from its high capacity manufacturing facilities in Europe and North
America.
With thousands of its proprietary energy storage
inverters deployed in the European and North American markets,
Eguana is one of the leading suppliers of power controls for solar
self-consumption, grid services and demand charge applications at
the grid edge.
To learn more, visit www.EguanaTech.com or
follow us on Twitter @EguanaTech
Company Inquiries
Justin HollandCEO, Eguana Technologies
Inc.+1.416.728.7635Justin.Holland@EguanaTech.com
Forward Looking Information
The reader is advised
that some of the information herein may constitute forward-looking
statements within the meaning assigned by National Instruments
51-102 and other relevant securities legislation. In particular, we
include: statements pertaining to the value of our power controls
to the energy storage market and statements concerning the use of
proceeds and the Company's ability to obtain necessary approvals
from the TSX Venture Exchange.
Forward-looking
information is not a guarantee of future performance and involves a
number of risks and uncertainties. Many factors could cause the
Company's actual results, performance or achievements, or future
events or developments, to differ materially from those expressed
or implied by the forward-looking information. Readers are
cautioned not to place undue reliance on forward-looking
information, which speaks only as of the date hereof. Readers are
also directed to the Risk Factors section of the Company’s most
recent audited Financial Statements which may be found on its
website or at sedar.com. The Company does not undertake any
obligation to release publicly any revisions to forward-looking
information contained herein to reflect events or circumstances
that occur after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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