"Our supply chain and development processes were significantly challenged from COVID-19, and both excelled to keep product moving to our customers who have responded in kind with new orders in each key market," CEO Justin Holland said in the release.
For the quarter ended March 31, 2020, Eguana generated $4.44 million in revenue, which was up 143% over Q2 FY19's $1.64 million. Quarter over quarter, revenue increased 68%, to $206,377 from $67,770.
The company's loss for the quarter also improved, coming in at $1,127,166 versus $1,917,158 at this time last year. Gross margin from product sales in Q2 FY20 remained flat due to the coronavirus pandemic, but the company expects this to improve "as global shipping lanes return to normal and planned product cost reductions roll out in the Q4 FY20," the release noted.
As for its Evolve cost reduction program, Eguana completed the first phase during the quarter and lowering costs by 9%. The plan for phase 2 is to achieve another 12% decrease in product costs by the end of Q4 FY20.
As for corporate highlights during Q2 FY20, Eguana finalized a $5 million strategic investment by Itochu. It integrated Moixa Gridshare artificial intelligence into its Evolve platform and conducted beta testing of it. Field trials in the U.S. are slated for this summer.
Further, Eguana garnered $5 million-plus in global orders, which it expects to fulfill within 12 months' time. Also, it grew its dealer networks, to 130 people in the U.S. and 34 in Australia, and expanded its CED Greentech branches to 12.
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