EnSync, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended June 30, 2018
September 25, 2018 at 04:10 pm EDT
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EnSync, Inc. announced consolidated earnings results for the fourth quarter and fiscal year ended June 30, 2018. For the quarter, revenues were $1,650,495 against $3,050,549 for the same period a year ago. Loss from operations was $3,654,465 against $4,043,123 for the same period a year ago. Loss before benefit for income taxes was $3,644,331 against income before benefit for income taxes of $9,202,738 for the same period a year ago. Net loss attributable to common shareholders was $3,698,773 or $0.07 net loss of basic and diluted per share against net income attributable to common shareholders of $9,202,758 or $0.19 net income of basic and diluted per share for the same period a year ago. Revenue in the current quarter was negatively impacted by the delay in the planned sale of CAL FIRE project from June to July and construction-related delays on 2 additional PPA projects.
For the year, revenues were $11,932,328 against $12,494,184 for the same period a year ago. The Company experienced construction delays for two power purchase agreement (“PPA”) projects, and a signing delay on a third, which resulted in the shifting of revenue to the first half of fiscal 2019. For the fiscal year, the Company recognized revenue from 13 PPA projects. Loss from operations was $13,076,209 against $17,520,557 for the same period a year ago. Loss before benefit for income taxes was $13,324,541 against $4,441,863 for the same period a year ago. Net loss attributable to common shareholders was $13,315,825 or $0.24 net loss of basic and diluted per share against $4,402,822 or $0.09 net loss of basic and diluted per share for the same period a year ago. Net cash used in operating activities was $10,162,312 against $7,214,500 for the same period a year ago. Expenditures for property and equipment were $288,846 against $46,366 for the same period a year ago.
EnSync, Inc., doing business as EnSync Energy Systems (EnSync Energy), is focused on distributed energy resource (DER) systems and Internet of energy (IOE) control platforms. EnSync Energy ensures electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As a project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized. Its direct current (DC) power control hardware, energy management software, and experience with energy storage technologies positions EnSync Energy to deliver fully integrated systems that provide for design, procurement, commissioning and ongoing operation. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs). The Company is on the verge of initiating insolvency proceedings.