Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) increased its Q4 fiscal year 2019 (FY19) year-over-year revenue by 693% for the quarter that ended Sept. 30, 2019, by generating more than $825,000, the company announced in a news release.
In the release, CEO Justin Holland said that "2019 was a transitional year where a host of new product certifications were completed, consistent sales order growth has been achieved and the bulk of the transition to low cost contract manufacturing has been executed. These objectives have brought predictability to the business which will drive improved financial metrics in the coming quarters."
"Manufacturing throughput will continue to increase as the transition to Jabil, of all inverter production, is completed by March, and additional benefits from increased working capital for North American orders are realized at that time," the company stated.
As for some of the corporation's highlights during fiscal year 2019, its sales force built the largest order book in Eguana's history. The operations team decreased its lead times to about six weeks from 12.
Further, Eguana garnered several distribution and sales partnerships, including a multiyear private label agreement with Hanwha Q-Cells and an agreement with the government of South Australia's Home Battery Scheme. Also, the energy storage systems firm added a dedicated California sales team and increased its number of U.S. channel partners to more than 60.
Eguana boosted its manufacturing and working capital capacity through two agreements, one with Export Development Canada and the other with Jabil Circuit.
Also, the energy firm "proved commercial capability in rapidly growing fleet aggregation and virtual power plant applications with systems operational in Australia, mainland USA and Hawaii," the release noted.
Finally, Eguana got its products certified in the United Kingdom, France, Australia, Ireland and the Scandinavian countries.
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