CALGARY, Alberta, Might 31, 2021 (GLOBE NEWSWIRE) — Eguana Applied sciences Inc. (“Eguana” or the “Firm“) (TSX-V: EGT, OTCQB: EGTYF) in the present day introduced outcomes for its second fiscal quarter ended March 31, 2021.
“The Firm efficiently raised $20 million in the course of the second quarter, and we directed a portion of these funds to strategically place uncooked supplies to scale the enterprise for the second half of the 12 months the place we anticipate to return to file setting income quarters,” commented Eguana CEO Justin Holland. “Operations in the course of the second quarter had been just about halted on account of international logistics congestion in worldwide delivery ports, nonetheless the provision workforce was capable of mitigate threat going ahead by positioning uncooked supplies, which we anticipate to carry growing predictability in shipments and income in the course of the second half of the 12 months,” Holland continued.
Fiscal Q2 2021 Monetary Highlights
- Q2 2021 product income of $0.3 million, down from Q2 2020 product income of $1.3 million
- Q2 2021 gross margin from product gross sales of $13.8 thousand, or 4.0%, a rise from $3.1 thousand, or 0.2%, in Q2 2020
- Q2 2021 working lack of $3.9 million relative to a $2.2 million working loss for a similar interval in 2020
- Conversion of all remaining $8.7M convertible debentures into frequent shares (together with $5.0M ITOCHU 2020 debentures transformed subsequent to quarter finish)
- Improved stability sheet reflecting constructive working capital of $12.1M at March 31, 2021, from a working capital deficit of $5.2M for the 2020 12 months finish
- Closed oversubscribed $20 million Particular Warrant non-public placement with quick type prospectus qualification subsequent to quarter finish
- Exercised beforehand introduced proper to accumulate all 1,150 restricted partnership items for 7,665,900 frequent shares
- Accomplished building evaluate on the 10kW/28kWh full house again up system
- Change of auditor from BDO Canada to KPMG LLP
- Growth pathway accomplished for trade normal battery administration system
Eguana’s dedication to vanguard design stays fierce as they broaden their capabilities to incorporate the Eguana trade normal battery administration system and battery module design based mostly on 24M know-how and cells produced by FREYR.
“Securing battery provide effectively into the longer term was a key firm goal, working with companions ITOCHU, FREYR, and 24M permits us to combine batteries all the way down to the cell degree including new provide functionality for our merchandise whereas opening new gross sales channel alternatives. A number of battery provide strains and chemistries will give Eguana a transparent aggressive edge transferring ahead,” added Eguana CEO Justin Holland.
The Consolidated Monetary Statements and the Administration Dialogue and Evaluation thereof can be found on SEDAR at www.sedar.com.
About Eguana Applied sciences Inc.
Primarily based in Calgary, Alberta, Canada, Eguana Applied sciences (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures excessive efficiency residential and business power storage programs. Eguana has twenty years of expertise delivering grid edge energy electronics for gasoline cell, photovoltaic and battery purposes, and delivers confirmed, sturdy, prime quality options from its excessive capability manufacturing amenities in Europe, Australia and North America.
With hundreds of its proprietary power storage inverters deployed within the European and North American markets, Eguana is without doubt one of the main suppliers of energy controls for photo voltaic self-consumption, grid providers and demand cost purposes on the grid edge.
CEO, Eguana Applied sciences Inc.
Ahead Wanting Data
The reader is suggested that a few of the info herein might represent forward-looking statements throughout the which means assigned by Nationwide Devices 51-102 and different related securities laws. Particularly, we embrace: statements pertaining to the worth of our energy controls to the power storage market and statements regarding using proceeds and the Firm’s capacity to acquire essential approvals from the TSX Enterprise Change.
Ahead-looking info is just not a assure of future efficiency and includes quite a few dangers and uncertainties. Many elements may trigger the Firm’s precise outcomes, efficiency or achievements, or future occasions or developments, to vary materially from these expressed or implied by the forward-looking info. Readers are cautioned to not place undue reliance on forward-looking info, which speaks solely as of the date hereof. Readers are additionally directed to the Threat Elements part of the Firm’s most up-to-date audited Monetary Statements which can be discovered on its web site or at sedar.com. The Firm doesn’t undertake any obligation to launch publicly any revisions to forward-looking info contained herein to mirror occasions or circumstances that happen after the date hereof or to mirror the prevalence of unanticipated occasions, besides as could also be required beneath relevant securities legal guidelines.
Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.