Eddy Smart Home Solutions Ltd. Announces Q3/2024 Financial Results
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) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando significativi miglioramenti operativi. I dispositivi installati all'interno degli edifici sono aumentati del 56% rispetto all'anno precedente, arrivando a 105.430 unità, mentre i ricavi contratto sono cresciuti a 41,7 milioni di dollari, con un incremento del 10% rispetto a dicembre 2023. L'azienda ha completamente rimborsato la sua linea di credito per il capitale circolante di 5,59 milioni di dollari, convertendo inoltre la sua struttura di credito in azioni comuni. Le spese generali e amministrative sono diminuite del 44%, arrivando a 1 milione di dollari nel terzo trimestre. La perdita netta è migliorata, attestandosi a ($932.003) rispetto a ($1,98 milioni) nel terzo trimestre del 2023. I ricavi per il terzo trimestre 2024 sono stati di 720.694 dollari, con le fatturazioni ricorrenti in aumento del 26%, arrivando a 695.854 dollari. La perdita di base per azione è migliorata, passando a ($0,15) da ($2,49).
Eddy Smart Home Solutions (TSXV: EDY) informó sus resultados financieros del tercer trimestre de 2024, mostrando mejoras operativas significativas. Los dispositivos instalados dentro de edificios aumentaron un 56% interanual, alcanzando las 105,430 unidades, mientras que los ingresos contractuales crecieron a $41.7 millones, un 10% más que en diciembre de 2023. La compañía reembolsó completamente su línea de crédito para capital de trabajo de $5.59 millones y convirtió su Línea de Crédito en acciones comunes. Los gastos generales y administrativos disminuyeron un 44% a $1 millón en el tercer trimestre. La pérdida neta mejoró a ($932,003) desde ($1.98 millones) en el tercer trimestre de 2023. Los ingresos para el tercer trimestre de 2024 fueron de $720,694, con las facturaciones recurrentes aumentando un 26% a $695,854. La pérdida básica por acción mejoró a ($0.15) desde ($2.49).
에디 스마트 홈 솔루션즈 (TSXV: EDY)는 2024년 3분기 재무 결과를 발표하며 상당한 운영 개선을 보였습니다. 건물 내 장치는 전년 대비 56% 증가하여 105,430대에 달했으며, 계약된 수익은 4,170만 달러로 증가하여 2023년 12월 대비 10% 증가했습니다. 회사는 559만 달러의 운전 자본 시설을 전액 상환하였으며, 신용 시설을 보통주로 전환하였습니다. 관리 및 일반 비용은 3분기 동안 44% 감소하여 100만 달러에 달했습니다. 순손실은 2023년 3분기의 ($198만 달러)에서 ($932,003)로 개선되었습니다. 2024년 3분기 수익은 720,694달러였으며, 반복 청구는 26% 증가하여 695,854달러에 달했습니다. 주당 기본 손실은 ($0.15)로, ($2.49)에서 개선되었습니다.
Eddy Smart Home Solutions (TSXV: EDY) a annoncé ses résultats financiers du troisième trimestre 2024, montrant des améliorations opérationnelles significatives. Les dispositifs intégrés dans les bâtiments ont augmenté de 56 % d'une année sur l'autre pour atteindre 105 430, tandis que les revenus contractuels ont grimpé à 41,7 millions de dollars, en hausse de 10 % par rapport à décembre 2023. L'entreprise a entièrement remboursé sa facilité de fonds de roulement de 5,59 millions de dollars et a converti sa ligne de crédit en actions ordinaires. Les dépenses générales et administratives ont diminué de 44 % pour atteindre 1 million de dollars au troisième trimestre. La perte nette s'est améliorée pour atteindre ($932,003) contre ($1,98 million) au troisième trimestre 2023. Les revenus pour le troisième trimestre 2024 étaient de 720 694 dollars, avec des facturations récurrentes en hausse de 26 % pour atteindre 695 854 dollars. La perte de base par action s'est améliorée, passant à ($0,15) contre ($2,49).
Eddy Smart Home Solutions (TSXV: EDY) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und erhebliche betriebliche Verbesserungen aufgezeigt. Die Geräte in Gebäuden stiegen im Jahresvergleich um 56% auf 105.430, während die vertraglichen Einnahmen auf 41,7 Millionen US-Dollar anwuchsen, was einem Anstieg von 10% gegenüber Dezember 2023 entspricht. Das Unternehmen hat seine Betriebsmittelkreditlinie von 5,59 Millionen US-Dollar vollständig zurückgezahlt und seine Kreditlinie in Stammaktien umgewandelt. Die allgemeinen und Verwaltungskosten sanken um 44% auf 1 Million US-Dollar im dritten Quartal. Der Nettverlust verbesserte sich auf ($932.003) von ($1,98 Millionen) im dritten Quartal 2023. Die Einnahmen für das dritte Quartal 2024 betrugen 720.694 US-Dollar, wobei die wiederkehrenden Rechnungen um 26% auf 695.854 US-Dollar stiegen. Der Grundverlust pro Aktie verbesserte sich auf ($0,15) von ($2,49).
- 56% increase in in-building devices YoY
- 10% growth in contracted revenue to $41.7M
- 44% reduction in G&A expenses
- 53% improvement in net loss
- 26% increase in recurring monthly billings
- Complete debt facility repayment of $5.59M
- 94% improvement in loss per share
- 5.6% decrease in Q3 revenue YoY ($720,694 vs $763,443)
- Continued net loss of ($932,003) in Q3 2024
Toronto, Ontario--(Newsfile Corp. - November 28, 2024) - Eddy Smart Home Solutions Ltd. (TSXV: EDY) ("Eddy" or the "Company") is pleased to announce its financial results for the three and nine months ended September 30, 2024.
Q3 2024 Highlights
Growth in In-Building Devices and Contract Revenue
A key operating metric of the Company's success and the value of the business can be measured by both the existing contracted revenue and the growth of the contracted sales backlog.
Eddy has increased the number of in-building devices by
As at September 30, 2024, contracted revenue was
Debt Facilities Repayments
On July 15, 2024, the Company repaid in full the amount owed under the working capital facility amounting to
Reduced Expenses
For the three months ended September 30, 2024, Eddy has significantly reduced its general and administrative (G&A) expenses to
For the nine months ended September 30, 2024, G&A expenses were
Improved Financial Performance
For the three months ended September 30, 2024, Eddy has significantly reduced its net loss to (
For the nine months ended September 30, 2024, the net loss was (
The 2024, year-to-date improvement reflects higher revenue, enhanced operational efficiencies, and reduced expenses. The average net loss per month was (
Revenue
For the three months ended September 30, 2024, revenue was
Recurring Billings
Billings represent the amount billed to customers for monthly monitoring and equipment rentals.
For the three months ended September 30, 2024, the recurring billings amounted to
For the nine months ended September 30, 2024, the recurring billings amounted to
Basic and Diluted Loss Per Share
Basic and diluted loss per share for the three months ended September 30, 2024, was (
On June 28, 2024, the Company completed a non-brokered private placement of 5,333,333 post-consolidation common shares and the prior period share amounts have been retrospectively adjusted to reflect the (100:1) Share Consolidation.
As at September 30, 2024, 6,128,623 (December 31, 2023 - 795,290) Common Shares were issued and outstanding.
About Eddy
Eddy is a leading North American provider and developer of smart water metering products and monitoring services for residential and commercial properties. Eddy's solutions help property owners and developers protect, control, and conserve water usage through advanced sensing devices and behavioral learning software. For more information, visit www.eddysolutions.com.
For further details on the company's financial performance, please review our consolidated financial statements and management's discussion and analysis for the years ended December 31, 2023, and 2022, available on Eddy's SEDAR profile at www.sedarplus.ca.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current expectations and are based on assumptions and estimates that involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ are discussed in the company's most recent management's discussion and analysis under "Risks And Uncertainties," available at www.sedarplus.ca. Eddy undertakes no obligation to update these statements, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Mark Silver
Executive Chairman and Chief Executive Officer
Tel: 416.221.8998
Email: ir@eddysolutions.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231863
FAQ
What was Eddy Smart Home Solutions (EDY) Q3 2024 revenue?
How much did Eddy Smart Home Solutions (EDY) reduce its net loss in Q3 2024?
What was the growth in Eddy Smart Home Solutions' contracted revenue as of September 30, 2024?
How much debt did Eddy Smart Home Solutions repay in Q3 2024?
