In a news release, Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) reported Q1/21 operating and financial results for the period ended December 31, 2020.
The company's CEO Justin Holland remarked, "The team nearly set another product sales record in Q1/21 and included LFP systems sales for the first time. The company will continue accelerate its supply and transition to a flow manufacturing model with more consistency, predictability and reliability."
Eguana Technologies stated that in Q1/21 it achieved product revenue of $2.32 million, compared to product revenue of $2.34 million in Q1/20. The firm added that the gross margin from these product sales was of $0.2 million, or 8.2% in Q1/21, versus $0.03 million, or 1.4% in Q1/20.
The company noted that in Q1/20 it had generated $0.25 million in engineering revenue with a 78.2% gross margin; no engineering revenue was recorded in Q1/21.
The company posted an operating loss of $1.7 million in Q1/21, compared to a $1.3 million operating loss during Q1/20.
Eguana Technologies summarized some the highlights from its business operations and noted that in the most recent quarter it shipped the first cobalt-free lithium-iron phosphate (LFP) units into the California market. The company also indicated that it successfully launched development of the 10kW/28kWh cobalt-free full home backup product and completed several separate development projects that included QCELLS.
The firm further advised that in partnership with Itochu and Sunnova it kicked off field trials for Moixa-based Evolve.
The firm pointed out that during Q1/21 it also closed two separate private placements totaling $2.65 million and that proceeds from the capital raising transactions will used to fund new product development.
CEO Holland added, "Gross margins improved as expected and will continue to improve throughout the year to achieve our margin objectives. Additional cost reduction initiatives, along with building demand for higher margin, feature rich products, strengthens our conviction that this positive trend will continue as we drive towards profitability this year."
The company stated that the Consolidated Financial Statements along with the related Management Discussion and Analysis are available for viewing at SEDAR (www.sedar.com).
Eguana Technologies is a designer and manufacturer of high performance residential and commercial energy storage systems. The firm's proprietary energy storage inverters provide grid edge power electronics for fuel cell, photovoltaic and battery applications.
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