Renewable energy products company Ozop Energy Solutions Inc. (OZSC:OTC), which is engaged in the design, engineering, manufacture, and distribution of DC and AC power supplies, high voltage battery chargers, power converters and inverters, aircraft ground support equipment, power electronic modules, and other electronically powered devices, today announced that its estimates for revenues for Q2/22 and H1/22 are expected to come in significantly higher than results posted during the prior fiscal year.
Ozop Energy Solutions advised that for Q2/22 it expects revenues to increase by 283% to $4.879 million, compared to $1.274 million in Q2/21. The company added that for H1/22, it anticipates that it will achieve revenue of approximately $7.961 million, which represents an increase of 285% over the $2.070 million registered during H1/21.
The company listed that the bulk of the firm's sales year-to-date was from its Ozop Energy Systems (OES) California Division. The firm stated that this group generated revenues of $4.516 million in Q2/22 and $7.012 million in H1/22, which was up from $1.255 million in H1/21. OES noted that the California Division operations commenced in Q2/21 so therefore 100% of the revenues in H2/21 were received in Q2/21.
The company advised that in Q2/22 it earned other additional revenues including $233K from battery storage sales and $113K from Power Conversion Technologies sales. For H1/22, these units generated respective revenues of $657K and $276K.
Ozop Energy Solutions' CEO Brian Conway remarked, "We are most satisfied with the sales we were able to generate from OES in the recently completed quarter. As we all know there has been quite a bit of uncertainty in most foreign manufacturers' ability to produce and export products into the U.S."
"Purchase orders and significant deposits had to and continually need to be placed far in advance to secure future deliveries of product. The Company is currently analyzing the timing of the deliveries of such orders from our vendors, and we anticipate that the final six months of 2022 will generate greater revenues than the six months ended June 30, 2022, with Q4 2022 revenues exceeding Q3 revenues," CEO Conway added.
The company along with its subsidiary companies works to invent, design, develop, manufacture, and distribute a wide array of ultra-high-power chargers, inverters, and power supplies used in the aerospace, defense, heavy industrial, and maritime sectors. The firm aims to address and capture a substantial share of the rapidly growing and evolving renewable energy storage market.
The firm's affiliate Ozop Energy Systems manufactures and distributes renewable energy products for use in EV charging stations, energy storage, and solar power operations. The company's Engineering and Design subsidiary specializes in designing energy-efficient digital lighting control solutions for commercial offices, municipalities, and campus complexes. The firm's easy-to-install and use products include items such as wall switches, controllers, relay panels, and occupancy/vacancy and daylight sensors.
Ozop Energy Solutions began the day with a market cap of around $56.3 million with approximately 4.6 billion shares outstanding. OZSC shares opened 4% higher today at $0.0127 (+$0.0005, +4.10%) over yesterday's $0.0122 closing price. The stock has traded today between $0.0122 and $0.0158 per share and is currently trading at $0.015 (+$0.0028, +22.95%).
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