Eguana Technologies (TSXV: EGT) this morning was out with an update on its financial performance for the period ended December 31, 2022. The company reportedly had an outstanding quarter, posting revenue gains of more than 300% relative to a year ago on an unaudited basis.
Eguana has indicated the revenue for the calendar fourth quarter exceeded $10.3 million on a preliminary unaudited basis, which represents a massive increase over the $1.3 million recorded or the same three month period in 2021. The year-ago period was notably impacted by a global resin shortage, which impacted the completion of products. The revenue figure also marks a substantial increase from the $2.6 million in revenue recorded for the prior quarter.
“The December 2022 quarter represents a Company record as supply chain and other constraints eased with our new micro inverter products beginning to be adopted by U.S. installers. Our training initiatives are beginning to accelerate product demand through our distribution channels and the launch of Eguana University is expected to onboard installation partners quicker, and with better support, in the coming quarters,” said CEO Justin Holland.
The period ended December 31, 2022, represents the firms fifth fiscal quarter for 2022. The company previously announced that it would be changing its year end to December 31, adding an extra quarter to the firms fiscal 2022 year.
Revenue for the full fiscal year is said to exceed $17.0 million on an unaudited preliminary basis as a result. Company filings indicate that as of September 30, the firm has posted revenue of $6.5 million for the fiscal year.
Full financial results for 2022 are expected to be posted in late March, following a completion of an audit by KPMG.
Eguana Technologies last traded at $0.27 on the TSX Venture.
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