“Through a global pandemic that impacted nearly all supply chains the team delivered the second highest revenue quarter in our Company’s history,” commented Justin Holland, Eguana’s Chief Executive Officer. “Our supply chain and development processes were significantly challenged from COVID-19 and both excelled to keep product moving to our customers who have responded in kind with new orders in each key market.”
Fiscal Q2 2020 Financial Highlights
- Record setting Year-to-Date revenue of $4.44 million, a 143% increase versus prior year
- Fiscal Q2 2020 revenue of $1.64 million, a 68% increase versus the prior year second quarter
- $206,377 in quarterly gross margin from product sales and engineering services compared to $67,770 in the second quarter of fiscal 2019
- Operating loss improved by $789,992 to $1,127,166, compared to fiscal Q2 2019 operating losses of $1,917,158
Gross margin from product sales remained flat, driven primarily from COVID-19 related supply chain activities, including material rerouting and increased shipping costs along with a product mix shift to satisfy higher Enduro sales in Europe. The Company expects to see immediate improvements to gross margins as global shipping lanes return to normal and planned product cost reductions roll out in the fourth fiscal quarter.
Business Highlights
- Finalized $5 million strategic investment with the Itochu Corporation to augment working capital to maintain growth and to further develop VPP and fleet aggregation market opportunities
- Integrated Moixa Gridshare AI with the Evolve platform and completed beta testing. US field trials set for the summer are on schedule
- $5+ million in orders across key markets (United States/Europe/Australia), all expected to deliver within 12 months
- Continued dealer expansion in the United States and Australia
- US dealer network increased to 130
- US CED Greentech branch locations increased to 12, with 8 branches in California
- Australia dealer network increased to 34
- Completed Phase 1 of our Evolve cost reduction strategy to reduce total product costs by 9%, the Evolve Hub will launch during our September quarter. Phase 2 is on track to complete within the September quarter and is anticipated to reduce total product costs by an additional 12%.
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