2021 was a transformative year for
- Launch of the premium branded Evolve through PowerCenter+ to address the retail dealer market in
North America - Increased manufacturing capacity in the US through Omega EMS partnership, including support for working capital growth
- Eguana Cloud Services, to participate in and operate future virtual power plants
- Battery module and battery management system development, to secure future battery supply, a critical component in energy storage systems, and
- Investment in pre-positioned inventory to mitigate on-going impacts of COVID-19 on Eguana’s supply chain
“Finishing the year by launching a premium brand along with the expected launch of our 10kW whole home backup product early in the new year, has set the stage for explosive growth in 2022,” commented
The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com
Fiscal 2021 Financial Highlights
- Record quarterly revenue in fiscal Q4 2021 of
$3.12 million , a 135% increase versus the prior year fourth quarter $440,311 in annual gross margin from product sales compared to a gross margin of$66,923 in fiscal 2020- 4th quarter normalized gross margin on product sales of 13%, calculated using 2% of revenue standard freight costs on inbound materials, compared to 6% on a fourth quarter GAAP basis
- Record setting ESS product revenue of
$7.13 million , a 3.3% increase versus prior year - Conversion of all convertible debentures into common shares, plus conversion of all DHCT’s Series A preferred shares post fiscal year end
- Improved balance sheet reflecting positive working capital
Fiscal 2021 Business Highlights
- Launched first cobalt free LFP units to the
California market - Completed development of the 10kW/28kWh cobalt-free full home backup solution
- Completed battery management system (BMS) architecture for vertical integration strategy
- Licensed the energy management system (EMS) Cloud platform from our long-standing partner
E-GEAR LLC - Received approval into Hawaii’s Battery Bonus VPP, the only ESS company to meet all utility requirements as defined
- Completed MoU with Freyer to develop residential battery modules based on 24M semi solid lithium technology
- Raised
$22 million in new capital to strategically position raw materials and increase production capacity - Diversified and strengthened Eguana Board of Directors, plus changed auditor to
KPMG LLP - Post year end entered into definitive agreements to launch a premium line of home energy storage systems based on Eguana’s proven technology and energy storage platform into North American and
Caribbean markets with PowerCenter+ and Omega EMS
Energy storage markets are going have significant and sustained growth over the next decade, according to Bloomberg (BNEF), markets are expected to grow more than 20x during that time frame from 17GW / 34GWh to 358GW / 1,028 GWh of installed capacity.
“Our partnership with the Omega entities provides
The Company has also confirmed, further to the Company’s press release dated
About
Based in
With thousands of its proprietary energy storage inverters deployed in the European and North American markets,
To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech
Company Inquiries
CEO,
+1.416.728.7635
Justin.Holland@EguanaTech.com
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
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
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