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Eddy Smart Home Solutions Ltd. (TSXV: EDY) is a North American developer, manufacturer, and distributor of commercial water leak detection equipment, including sensors, smart meters, and monitored valves. The company helps property owners protect against damage related to leaks and manage water usage remotely. Eddy's products empower clients to effectively manage water-related issues through advanced leak detection and monitoring services. The company's recent achievements include positive net cash flow from operating activities in Q4/2023, increased revenue, and growth in installed devices. With a focus on continued growth and expanding product offerings, Eddy is positioned for success in the smart technologies industry.
Eddy Smart Home Solutions (TSXV: EDY) reported its Q3 2024 financial results, showing significant operational improvements. In-building devices increased 56% year-over-year to 105,430, while contracted revenue grew to $41.7 million, up 10% from December 2023. The company fully repaid its working capital facility of $5.59 million and converted its Credit Facility into common shares. G&A expenses decreased 44% to $1 million in Q3. Net loss improved to ($932,003) from ($1.98 million) in Q3 2023. Revenue for Q3 2024 was $720,694, with recurring billings up 26% to $695,854. Basic loss per share improved to ($0.15) from ($2.49).
Eddy Smart Home Solutions (TSXV: EDY) has appointed Adam Bartman as its new Chief Operating Officer (COO). Bartman, previously EVP of Operations, brings over a decade of experience in the plumbing and mechanical industry to his new role. He will oversee day-to-day operations, focusing on enhancing efficiency and driving strategic initiatives.
The company also announced shareholder approval of a new omnibus equity incentive plan at its annual general meeting on June 17, 2024. The plan replaces the previous stock option plan and allows for equity incentive grants up to 10% of the company's issued and outstanding shares, totaling 79,528 common shares post-consolidation.
Eddy Solutions also clarified that its July 10, 2024 news release incorrectly referenced a shareholder rights offering instead of the existing security holder exemption used for a private placement.
Eddy Smart Home Solutions (Formerly Aumento Capital VIII Corp.) reported positive financial results for the year ended and Q4/2023. The Company achieved positive Net Cash Flow from Operating Activities, increased revenue, deployed more devices, and reduced net loss. Revenue for Q4/2023 and the full year 2023 increased significantly compared to the previous year. The Company aims to continue growing its active devices, restructuring liabilities, and maintaining positive free cash flow to solidify its position in the market.
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