Eguana Technologies Inc. reports decreased sales, negative gross margin, and net loss in 2023.

From GlobeNewswire: 2024-05-27 17:53:00

Eguana Technologies Inc. announces annual financial results for 2023. Sales decreased by 32.1% to $11,458,590 compared to $16,826,875 in 2022 due to macro-economic factors impacting the solar industry. Gross margin decreased to negative 17.9%, with operating costs seeing a 12.9% increase. Net loss before tax for 2023 was $35,558,524.

To combat the challenging market, Eguana focused on grid connectivity, value in virtual power plant applications, and developed Eguana Edge™ for cloud solutions. The company secured partnerships with utility companies such as Virtual Peaker and AutoGrid to drive higher storage sales. Eguana remains focused on demonstrating the value of demand response for utility companies.

Industry-wide challenges included elevated inventories, cancelled orders, and liquidity risks due to lower demand. Eguana launched a VPP utility accelerator program to address these challenges, providing real-time feeder line balancing and voltage control capabilities to utilities. The company anticipates increased sales and stronger margins from success in utility channels.

Investors can access Eguana’s consolidated financial statements and management discussion on SEDAR+ and the company’s website. A shareholders’ call will be held to discuss the financial statements for the period ended March 31, 2024. Eguana aims to accelerate grid modernization by delivering cost-effective energy storage solutions to all key stakeholders in the energy industry.



Read more at GlobeNewswire:: Eguana Announces 2023 Annual Financial Results