Eguana Technologies (TSXV: EGT) last night after the bell posted its fourth quarter financial results for the period ended September 30, 2021. The firm posted record quarterly revenue, with sales of $3.12 million for the three month period.
Revenues for the fiscal year meanwhile amounted to $7.2 million, a slight decline from the $8.0 million recorded in 2020. Notably, $7.12 million of that annual revenue came from ESS product, a 3.3% improvement over 2020 and a record for the firm in terms of annual revenue from the segment.
With cost of goods sold of $6.7 million, the firm recorded $0.5 million in gross margins for the full fiscal year. Expenses meanwhile came in at $8.7 million for the year, with the firm posting a net loss of $10.4 million for the full fiscal year, or $0.03 per share.
In terms of the firms balance sheet, 2021 saw a significant improvement over 2020, with Eguana closing out the year with $4.6 million in cash, as compared to $0.5 million held at the end of 2020. With an additional $2.5 million in accounts receivable and $5.9 million in inventory, the firm ended 2021 with $13.9 million in current assets, compared to $3.0 million at the end of 2020. Assets as a whole improved from $3.8 million to $14.9 million.
On the other side of the balance sheet, accounts payable declined from $4.1 million to $3.1 million, while preferred shares became current at $5.2 million. Overall, current liabilities increased from $8.2 million to $11.2 million, while liabilities as a whole fell from $21.2 million to $11.4 million, lead by the conversion of $7.3 million in debentures to equity. Subsequent to quarter end, preferred shares were converted to equity, removing nearly half of the firms overall liabilities.
Commenting on the success seen through the year, CEO Justin Holland stated, “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. Eguana sales channel partners have immediately jumped onboard and we are seeing orders increase weekly. Combine this with the Eguana Cloud and our battery development objectives with Itochu and the 24M family, and Eguana is ready to be front and center within the ESS marketplace.”
Eguana Technologies last traded at $0.55 on the TSX Venture.
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