Eguana announces its financial results for the second quarter of 2021
CALGARY, Alberta, May 31, 2021 (GLOBE NEWSWIRE) – Eguana Technologies Inc. (“Eguana“or the”Company“) (TSX-V: EGT, OTCQB: EGTYF) today announced results for its second financial quarter ended March 31, 2021.
“The company was successful in raising $ 20 million in the second quarter, and we directed some of those funds to strategically position commodities to move the business forward for the second half of the year, where we expect to return to quarters of record sales, ”commented Eguana. CEO Justin Holland. “Operations during the second quarter were virtually halted due to global logistics congestion at shipping ports around the world, but the procurement team was able to mitigate risks going forward by positioning the raw materials, which we expect to improve predictability of shipments and revenues in the second half of the year, ”continued Holland.
Financial Highlights for the Second Quarter of Fiscal 2021
- Q2 2021 produced revenue of $ 0.3 million, down from Q2 2020 produced revenue of $ 1.3 million
- Gross margin on product sales of $ 13.8 thousand in Q2 2021, or 4.0%, up from $ 3.1 thousand, or 0.2%, in Q2 2020
- Q2 2021 operating loss of $ 3.9 million compared to an operating loss of $ 2.2 million for the same period in 2020
- Conversion of all remaining $ 8.7 million convertible debentures into common shares (including the $ 5.0 million ITOCHU 2020 debentures converted after quarter end)
- Improved balance sheet reflecting a positive working capital of $ 12.1 million as at March 31, 2021, a working capital deficit of $ 5.2 million for the end of fiscal 2020
- Private placement of oversubscribed $ 20 million special warrants closed with simplified prospectus qualification after quarter end
- Exercise of the previously announced right to acquire all 1,150 limited partnership units for 7,665,900 common shares
- Construction review completed on the complete back-up system for the 10kW / 28kWh house
- Change of auditor from BDO Canada to KPMG LLP
- Completed development path for industry standard battery management system
Eguana’s commitment to cutting edge design remains fierce as they expand their capabilities to include the industry standard Eguana battery management system and battery module design based on 24M technology and produced cells. by FREYR.
“Securing the supply of batteries in the future was a key objective of the company, working with partners ITOCHU, FREYR and 24M allows us to integrate batteries down to the cell level by adding new supply capabilities. for our products while opening up new sales channel opportunities. Multiple feed lines and battery chemistries will give Eguana a clear competitive advantage for the future, ”added Justin Holland, CEO of Eguana.
The consolidated financial statements and their management report are available on SEDAR at www.sedar.com.
About Eguana Technologies Inc.
Based in Calgary, Alberta, Canada, Eguana Technologies (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience in providing on-grid power electronics for fuel cell, photovoltaic and battery applications, and provides proven, durable and high quality solutions from its manufacturing facilities in high capacity in Europe, Australia 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 providers of power controls for solar self-consumption, grid services and utility charging applications. demand at the edge of the network.
CEO, Eguana Technologies Inc.
The reader is cautioned that some of the information contained in this document may constitute forward-looking statements within the meaning ascribed by National Instruments 51-102 and other relevant securities laws. Specifically, we include: statements regarding the value of our power controls in the energy storage market and statements regarding the use of the product and the ability of the company to obtain the necessary approvals from the Venture Exchange TSX.
Forward-looking information is no guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company, or future events or developments, to differ materially from those expressed or implied by 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 can be found on its website or at sedar.com. The Company assumes no obligation to publicly publish any revisions to any forward-looking information contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unforeseen events, except as applicable to securities laws. applicable require it.
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.