AC Battery revenue was up

Eguana talks revenues, omits Q3 P&L from NR

2016-08-24 17:00 ET - News Release

Mr. Justin Holland reports
EGUANA REPORTS 3RD QUARTER FINANCIAL RESULTS
Eguana Technologies Inc. has filed its interim consolidated financial statements for the quarter ending June 30, 2016. The consolidated financial statements and the management discussion and analysis thereof are available on SEDAR and on the company's website.
Highlights

• Completed acceptance testing with German automotive partner and transitions to field trials;
• Bi-Direx showcased at Intersolar Munich with Ampere Energy;
• Hawaiian Electric completed Molokai site assessments, with AC battery installations planned in September;
• Electric Power Research Institute (EPRI) completed commissioning of Fontana NZE residential community;
• Expanded into electric vehicle-charging applications in Hawaii and California;
• Completed $6.9-million financing to expand supply chain and development capabilities;
• Revenue increased from $176,272 in Q2 to $284,980 in Q3, with positive gross margin of 7.2 per cent.

The company achieved a number of milestones throughout the quarter highlighted by acceptance testing and completion of the custom power control solution by our German automotive partner and by the reintroduction of the Bi-Direx platform in the Ampere Sphere at Intersolar Munich. "We remain on track with our European recovery as we transition to field trials in Germany," stated Justin Holland, CEO of Eguana. "Our development team continues to execute with a top global automotive company, creating a product we are confident will set a new standard for energy storage."
 
North American AC Battery revenue was up slightly, however orders decreased across the quarter as a result of application approval delays at the Hawaiian Electric Company (HECO) causing permitting and installation delays in Hawaii. "NextEra's cancelled bid for HECO should facilitate the permitting process and kick start installations on the islands," commented Holland. "We remain well positioned with our partner E-Gear to reach our 30% market share objectives, but the net result of the HECO delays will cause a delay in our calendar year-end profitability target."

The Company also completed a $6.9 million financing to expand supply chain and development capabilities. "As our partner Itochu continued to execute their negotiations in Australia along with European and US milestones, there is a high potential of volume overlap. This capital will allow us to execute in each market simultaneously," concluded Holland.
We seek Safe Harbor.