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 fiscal quarter ended March 31, 2021.
“The Company successfully raised $20 million during the second quarter, and we directed a portion of those funds to strategically position raw materials to scale the business for the second half of the year where we expect to return to record setting revenue quarters,” commented Eguana CEO Justin Holland. “Operations during the second quarter were virtually halted as a result of global logistics congestion in worldwide shipping ports, however the supply team was able to mitigate risk going forward by positioning raw materials, which we expect to bring increasing predictability in shipments and revenue during the second half of the year,” Holland continued.
Fiscal Q2 2021 Financial Highlights
Q2 2021 product revenue of $0.3 million, down from Q2 2020 product revenue of $1.3 million
Q2 2021 gross margin from product sales of $13.8 thousand, or 4.0%, an increase from $3.1 thousand, or 0.2%, in Q2 2020
Q2 2021 operating loss of $3.9 million relative to a $2.2 million operating loss for the same period in 2020
Conversion of all remaining $8.7M convertible debentures into common shares (including $5.0M ITOCHU 2020 debentures converted subsequent to quarter end)
Improved balance sheet reflecting positive working capital of $12.1M at March 31, 2021, from a working capital deficit of $5.2M for the 2020 year end
Closed oversubscribed $20 million Special Warrant private placement with short form prospectus qualification subsequent to quarter end
Exercised previously announced right to acquire all 1,150 limited partnership units for 7,665,900 common shares
Completed construction review on the 10kW/28kWh full home back up system
Change of auditor from BDO Canada to KPMG LLP
Development pathway completed for industry standard battery management system
Eguana’s commitment to leading edge design remains fierce as they expand their capabilities to include the Eguana industry standard battery management system and battery module design based on 24M technology and cells produced by FREYR.
“Securing battery supply well into the future was a key company objective, working with partners ITOCHU, FREYR, and 24M allows us to integrate batteries down to the cell level adding new supply capability for our products while opening new sales channel opportunities. Multiple battery supply lines and chemistries will give Eguana a clear competitive edge moving forward,” added Eguana CEO Justin Holland.
The Consolidated Financial Statements and the Management Discussion and Analysis thereof 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 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, 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 suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
CEO, Eguana Technologies Inc.
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.