Legend Power Systems Reports Q3 F2024 Financial Results
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) reported its Q3 F2024 financial results, showing significant improvements. Revenue increased 122% to $1.04 million compared to Q3 F2023. The company's gross margin improved to 50%, up from 22% in the same quarter last year. Net loss decreased by 53% to $482,386, while Adjusted EBITDA loss improved by 56% to $392,191.
Operational highlights include progress with the City of New York's DCAS IDEA program, advancement in the Green Proving Ground program for the U.S. General Services Administration, and a strong pipeline in government and commercial real estate sectors. The company reported $806,000 in cash, no debt, and $1.5 million in working capital as of June 30, 2024.
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) ha riportato i risultati finanziari del terzo trimestre F2024, evidenziando miglioramenti significativi. I ricavi sono aumentati del 122% raggiungendo 1,04 milioni di dollari rispetto al terzo trimestre F2023. Il margine lordo dell'azienda è migliorato al 50%, in aumento rispetto al 22% dello stesso trimestre dell'anno scorso. La perdita netta è diminuita del 53% a 482.386 dollari, mentre la perdita di EBITDA rettificato è migliorata del 56% a 392.191 dollari.
I punti salienti operativi includono progressi con il programma DCAS IDEA della città di New York, avanzamenti nel programma Green Proving Ground per l'Amministrazione dei servizi generali degli Stati Uniti e un forte pipeline nei settori immobiliare governativo e commerciale. L'azienda ha riportato 806.000 dollari in cassa, nessun debito e 1,5 milioni di dollari in capitale circolante al 30 giugno 2024.
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) informó sus resultados financieros del tercer trimestre de 2024, mostrando mejoras significativas. Los ingresos aumentaron un 122% a 1,04 millones de dólares en comparación con el tercer trimestre de 2023. El margen bruto de la empresa mejoró al 50%, en comparación con el 22% del mismo trimestre del año pasado. La pérdida neta disminuyó un 53% a 482,386 dólares, mientras que la pérdida de EBITDA ajustado mejoró en un 56% a 392,191 dólares.
Los aspectos destacados operativos incluyen avances con el programa DCAS IDEA de la ciudad de Nueva York, el progreso en el programa Green Proving Ground para la Administración de Servicios Generales de EE. UU. y un sólido pipeline en los sectores inmobiliario gubernamental y comercial. La empresa reportó 806,000 dólares en efectivo, sin deudas y 1.5 millones de dólares en capital de trabajo al 30 de junio de 2024.
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF)는 2024년 3분기 재무 결과를 발표하며 상당한 개선을 보여주었습니다. 수익이 122% 증가하여 104만 달러에 달했습니다 (2023년 3분기 대비). 회사의 총 마진이 50%로 개선되었습니다, 작년 같은 분기 22%에서 증가했습니다. 순손실이 53% 감소하여 482,386달러로 줄었습니다, 조정된 EBITDA 손실은 56% 개선되어 392,191달러가 되었습니다.
운영 주요 사항에는 뉴욕시의 DCAS IDEA 프로그램과의 진전, 미국 일반 서비스국을 위한 Green Proving Ground 프로그램의 진전, 정부 및 상업용 부동산 부문에서의 강력한 파이프라인이 포함됩니다. 회사는 2024년 6월 30일 기준으로 현금 806,000달러, 부채 없음, 운전 자본 150만 달러를 보고했습니다.
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) a publié ses résultats financiers du 3ème trimestre de 2024, montrant des améliorations significatives. Les revenus ont augmenté de 122% pour atteindre 1,04 million de dollars par rapport au 3ème trimestre de 2023. La marge brute de l'entreprise s'est améliorée à 50%, contre 22% au même trimestre de l'année dernière. La perte nette a diminué de 53% pour atteindre 482 386 dollars, tandis que la perte de l'EBITDA ajusté s'est améliorée de 56% à 392 191 dollars.
Les points forts opérationnels incluent des progrès avec le programme DCAS IDEA de la ville de New York, des avancées dans le programme Green Proving Ground pour l'administration des services généraux des États-Unis, et un solide pipeline dans les secteurs immobilier public et commercial. L'entreprise a rapporté 806 000 dollars en liquidités, aucune dette et 1,5 million de dollars en fonds de roulement au 30 juin 2024.
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) hat seine Finanzergebnisse für das 3. Quartal 2024 veröffentlicht und dabei signifikante Verbesserungen gezeigt. Der Umsatz stieg um 122% auf 1,04 Millionen Dollar im Vergleich zum 3. Quartal 2023. Die Bruttomarge des Unternehmens verbesserte sich auf 50%, nach 22% im selben Quartal des Vorjahres. Der Nettoverlust sank um 53% auf 482.386 Dollar, während der Adjusted EBITDA-Verlust um 56% auf 392.191 Dollar verbessert wurde.
Zu den betrieblichen Highlights gehören Fortschritte im DCAS IDEA-Programm der Stadt New York, Fortschritte im Green Proving Ground-Programm für die US-Generalservicesverwaltung und eine starke Pipeline im staatlichen und kommerziellen Immobiliensektor. Das Unternehmen berichtete zum 30. Juni 2024 über 806.000 Dollar in bar, keine Schulden und 1,5 Millionen Dollar an Betriebskapital.
- Revenue increased 122% year-over-year to $1.04 million in Q3 F2024
- Gross margin improved significantly from 22% to 50%
- Net loss decreased by 53% to $482,386
- Adjusted EBITDA loss improved by 56% to $392,191
- Strong cash position with $806,000 and no debt
- $1.5 million in working capital as of June 30, 2024
- Received initial orders and deliveries of Gen3 systems
- Secured LOI for additional $3 million from DOD, bringing order visibility to $5.5 million
- Despite improvements, the company still reported a net loss of $482,386
- Adjusted EBITDA remains negative at $392,191
Conference Call Scheduled for August 23, 2024 at 11am EST
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2024) - Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) ("Legend Power" or the "Company"), a global leader in commercial electrical system solutions, reports its financial results for the three months ended June 30, 2024 ("Q3 F2024"). The Company has also scheduled a conference call to provide a business update to discuss its Q3 F2024 financial results tomorrow at 11:00 AM ET (8:00 AM PT) (details below). The call will be hosted by Randy Buchamer, President & Chief Executive Officer. A complete set of Financial Statements and Management's Discussion & Analysis has been filed at www.sedarplus.ca. All dollar figures are quoted in Canadian dollars.
Q3 F2024 Highlights
- Revenue of
$1.04 million versus$470 thousand in Q3 F2023 - Adjusted EBITDA loss of
$392 thousand versus a$884 thousand loss in Q3 F2023 - Net loss of
$482 thousand versus a$1.02 million loss in Q3 F2023 - Cash of
$806 thousand , no debt, and$1.5 million in working capital at June 30, 2024
"The third quarter of fiscal 2024 illustrated several key milestones we have been talking about over the last few quarters," said Randy Buchamer, Legend Power Systems CEO. "These include, gross margin improvement to
Q3 F2024 Operational Highlights
- Progress continues with the City of New York's Department of Citywide Administrative Services (DCAS) IDEA program. The City of New York has closed its first round of bids for school projects, which includes the SmartGATE solution in the specification and the award is expected to result in bookings in the near future. The first order from DCAS was received during the quarter, with the expectation of additional orders to follow.
- The second site for the Green Proving Ground program for the United States General Services Administration has been selected, which operates approximately 1,800 federally owned buildings is proceeding well. This second unit will be commissioned and shipped in the coming months. The Company continues to build upon key milestones achieved in the prior year, the deployment and evaluation schedule continues to progress.
- The pipeline remains very strong with opportunities into government and commercial real estate including residential, hospitality, big box retail and commercial office. Currently Legend Power Systems is engaged in active sales processes with several of the top firms in the Commercial Real Estate space, with large building portfolios.
Q3 F2024 Financial Highlights
Financial summary for the three and nine months ended June 30, 2024 and 2023
| Three months ended June 30, | Nine months ended June 30, | |||||
| (Cdn$, unless noted otherwise) | 2024 | 2023 | Change | 2024 | 2023 | Change |
| Revenue | 1,042,412 | 470,310 | 1,167,638 | 946,979 | ||
| Cost of sales | 522,274 | 366,307 | 611,845 | 747,124 | (18)% | |
| Gross margin1 | 520,138 | 104,003 | 555,793 | 199,855 | ||
| Gross margin %1 | ||||||
| Operating expenses | 999,539 | 1,128,015 | (11)% | 3,037,366 | 3,429,420 | (11)% |
| Other income | (2,985) | 5,444 | (155)% | 10,539 | 17,392 | (39)% |
| Net loss | (482,386) | (1,018,568) | (2,471,034) | (3,212,173) | ||
| Adjusted EBITDA2 | (392,191) | (883,821) | (2,175,010) | (2,769,341) | ||
1 Gross margin is based on a blend of both equipment and installation revenue.
2 Adjusted EBITDA is a non-IFRS financial measure. See EBITDA Reconciliation for details.
Revenue for the three months ended June 30, 2024, was
Gross margin in the third quarter of fiscal 2024 was
The Company's operating expenses for the third quarter of fiscal 2024 were
Adjusted EBITDA for the third quarter of fiscal 2024 was negative
Net loss for the third quarter of fiscal 2024 was
CONFERENCE CALL DETAILS:
DATE: Friday, August 23, 2024
TIME: 11:00 AM ET (8:00 AM PT)
WEBINAR: Legend Power Q3 Fiscal 2024 Financial Results Investor Webinar (via Zoom)
REPLAY: Available at: https://legendpower.com
About Legend Power Systems Inc.
Legend Power Systems Inc. (https://legendpower.com/) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend Power's proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power's unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
For further information, please contact:
Jonathan Lansky, Director
+1 416 417 7664
lansky.j@icloud.com
Sean Peasgood, Investor Relations
+ 1 647 503 1054
sean@sophiccapital.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This Press Release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR+ at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results to not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220869
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