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Legend Power Systems Inc. (LPSIF), headquartered in Vancouver, British Columbia, is a global leader in commercial electrical system solutions. The company 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 a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
On June 27, 2024, Legend Power Systems (TSXV: LPS) announced several key milestones, including receiving its first 4000 amp Gen3 SmartGATE system order for a new school in New York City, processed through a switchgear manufacturer. This indicates significant market expansion beyond the public sector. Additionally, the US Federal Government has begun installing SmartGATE systems at a Department of Homeland Security border facility and a large federal office in Washington DC. These developments are complemented by recent deliveries of four SmartGATE systems to a school system in New Mexico via a major ESCO performance contracting firm.
Legend Power Systems emphasizes that these orders and installations result from years of effort and highlight the potential for substantial growth within the public and federal sectors. This follows their record order bookings of over $2.5 million last quarter, driven by private commercial real estate and an increase in recurring revenue.
Legend Power Systems reported its Q2 F2024 financial results, demonstrating an improvement in several key metrics compared to Q2 F2023. The company achieved a revenue increase to $124K from $74K, a 67% rise. The net loss decreased to $907K from $1.19M, and adjusted EBITDA loss improved to $811K from $1.04M. Gross margin turned positive to 46%, compared to the previous negative margin of 7%. Operating expenses dropped by 19% due to effective cost-cutting measures. As of March 31, 2024, Legend Power holds $515K in cash, $1.9M in working capital, and no debt. Operationally, the company has made significant strides with US Federal Government and NYC projects, and continues to build a strong sales pipeline.
Legend Power Systems (LPSIF) has announced the release of its Q2 2024 financial results for the period ending March 31, 2024. The results will be made public before market opening on Friday, May 24, 2024. Additionally, the company will hold a webinar on the same day at 11:00 AM ET (8:00 AM PT) to provide a business update and discuss the financial results. The webinar, hosted by CEO Randy Buchamer, will be available for replay on the company's website.
Legend Power Systems (TSXV: LPS) announces the upgrade of the first Ontario School Board's SmartGATE technology, valued at $100,000 and co-funded by IESO incentives. This upgrade offers up to 40% coverage of costs and includes new features for increased energy savings, GHG emissions reductions, and power quality improvements. The decision to upgrade was driven by concerns over grid reliability and volatility, leading to discussions with other school boards for similar upgrades.
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