NEWS! Eguana Announces Operational Update and 2019 Annual Results
CALGARY, Alberta, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSX-V: EGT, OTCQB: EGTYF) today announced results for its fiscal year ended September 30, 2019.
“The team has worked diligently to build the largest order book in company history while successfully implementing our outsourced, low cost manufacturing model, and coordinating predictable deliveries from our supply chain” stated Eguana Chief Executive Officer Justin Holland.
Eguana’s operations team expedited the supply chain and by the end of the fiscal year reduced its lead times from 12 to approximately 6 weeks, positioning the Company to increase deliveries into a record and growing order book.
Holland continued, “I’m proud of the entire team. 2019 was a transitional year where a host of new product certifications were completed, consistent sales order growth has been achieved, and the bulk of the transition to low cost contract manufacturing has been executed. These objectives have brought predictability to the business which will drive improved financial metrics in the coming quarters.”
The Company’s Q4 revenue was over $825,000, compared to $119,000 for the fourth quarter 2018, with an additional $800,000 delivered into the Hawaiian market in the first half of October, after the September 30th quarter close. Manufacturing throughput will continue to increase as the transition to Jabil, of all inverter production, is completed by March, and additional benefits from increased working capital for North American orders are realized at that time.
The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com
Fiscal 2019 Business Highlights
Completed multiple significant distribution and sales partnerships
Multi-year private label agreement with Hanwha Q-Cells, Europe’s PV leader and largest residential solar installer.
Agreement with South Australian government’s Home Battery Scheme and qualified for the virtual power plant program of the second largest utility, Simply Energy.
Completed Australian distribution partnerships with AC Solar Warehouse and Sharpe ERS for regional and national distribution coverage. Partnered and trained over 15 South Australian installation companies.
Announced dedicated California sales team, increased United States channel partners to +60, including distribution coverage through CED Greentech outlets.
Increased manufacturing and working capital capacity
Completed Master Supply Agreement with Jabil Circuit for product manufacturing and working capital support.
Completed agreement with Export Development Canada to provide additional working capital support.
Proved commercial capability in rapidly growing fleet aggregation and Virtual Power Plant applications with systems operational in Australia, mainland USA, and Hawaii.
Completed product certifications for the United Kingdom, France,
Australia, Ireland, and the Scandinavian countries
“With our products and channels fully developed, focus will shift to growing market share in our key geographies of Europe, United States, and Australia; cost reduction activities; and new product development through 2020.
European shipments are planned in the current quarter from our contract manufacturer, and assembly facilities have been added in Australia and Hawaii, alongside Calgary, giving Eguana in-market assembly capacity to manage growth” Holland added.
