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News Update


Energy Storage Innovator Reports Q1 Financial Results and Business Highlights
News Update

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Eguana Technologies included cobalt-free lithium-iron phosphate (LFP) systems sales for the first time and strengthened gross margins.

In a news release, Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) reported Q1/21 operating and financial results for the period ended December 31, 2020.

The company's CEO Justin Holland remarked, "The team nearly set another product sales record in Q1/21 and included LFP systems sales for the first time. The company will continue accelerate its supply and transition to a flow manufacturing model with more consistency, predictability and reliability."

Eguana Technologies stated that in Q1/21 it achieved product revenue of $2.32 million, compared to product revenue of $2.34 million in Q1/20. The firm added that the gross margin from these product sales was of $0.2 million, or 8.2% in Q1/21, versus $0.03 million, or 1.4% in Q1/20.

The company noted that in Q1/20 it had generated $0.25 million in engineering revenue with a 78.2% gross margin; no engineering revenue was recorded in Q1/21.

The company posted an operating loss of $1.7 million in Q1/21, compared to a $1.3 million operating loss during Q1/20.

Eguana Technologies summarized some the highlights from its business operations and noted that in the most recent quarter it shipped the first cobalt-free lithium-iron phosphate (LFP) units into the California market. The company also indicated that it successfully launched development of the 10kW/28kWh cobalt-free full home backup product and completed several separate development projects that included QCELLS.

The firm further advised that in partnership with Itochu and Sunnova it kicked off field trials for Moixa-based Evolve.

The firm pointed out that during Q1/21 it also closed two separate private placements totaling $2.65 million and that proceeds from the capital raising transactions will used to fund new product development.

CEO Holland added, "Gross margins improved as expected and will continue to improve throughout the year to achieve our margin objectives. Additional cost reduction initiatives, along with building demand for higher margin, feature rich products, strengthens our conviction that this positive trend will continue as we drive towards profitability this year."

The company stated that the Consolidated Financial Statements along with the related Management Discussion and Analysis are available for viewing at SEDAR (

Eguana Technologies is a designer and manufacturer of high performance residential and commercial energy storage systems. The firm's proprietary energy storage inverters provide grid edge power electronics for fuel cell, photovoltaic and battery applications.


1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eguana Technologies, a company mentioned in this article.

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