Energy Storage Co. With Grid Solutions Breakthrough Releases Results

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2. Ownership and Share Structure Information

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Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTC), a leader in high-performance energy storage solutions, has announced its financial results for the third quarter ending September 30, 2025, as per a release on November 28. The company reported year-to-date revenue of CA$2.06 million, reflecting a 310% increase compared to the same period last year. Revenue for the third quarter reached CA$132,000, an 8.3% increase from the same quarter in September 2024. The decline compared to previous quarters was attributed to the time required to engage customers and contractors during the transition to a new feeder region and to refine project management processes based on prior experiences.

"We are very excited to continue our fleet expansion as we enter the winter peak season in British Columbia," stated Eguana Chief Executive Officer Justin Holland. "Through this season we will continue demonstrating the performance and capability of Eguana's feeder support solutions, clearing a path for expanded deployments in B.C. along with other utility partners across North America."

The release indicated that the year-to-date gross margin improved to 42%, up from a negative 66% in the previous year, largely due to the purchase of discounted finished goods from a former partner in 2024. The Q3 2025 gross margin was negative 16%, compared to negative 139% in September 2024, impacted by the standard quarterly warranty provision and low sales volume. Without the warranty accrual, the adjusted gross margin was 31%.

The operating loss for Q3 2025 was CA$1,124,527, an improvement from the CA$1,579,623 loss in the same quarter of 2024. This was primarily due to reduced expenses in operational areas, including decreased development and strategic supply chain spending. As of September 30, 2025, working capital remained negative, with total long-term debt classified as current.

ITOCHU Corporation, a strategic investor in Eguana, deferred their interest payment, either in cash or shares, initially due on March 1, 2025, to support the company's liquidity. This payment was first deferred to August 31, 2025, then further to November 30, 2025. Following the quarter's end, an additional amendment was made to extend the maturity date to January 31, 2026.

Third Quarter Updates

Eguana announced the completion of the megawatt rollout for targeted feeder enhancements in British Columbia and received a follow-up order to upgrade additional feeders in the Okanogan Valley, with shipments beginning in November for installations planned in December. The company also entered discussions with a B.C. utility partner to enhance recurring revenue streams by utilizing Evolve's grid services and fleet management capabilities.

To build on the success of feeder support programs and boost battery deployment in British Columbia, Eguana launched digital marketing campaigns in collaboration with the utility. This initiative aims to raise awareness of battery and demand response incentive programs and accelerate the deployment of Eguana batteries in the region.

Eguana reported continued progress in the Northern California Virtual Power Plant (VPP) with partner Serious Controls for demand response and has joined scale-up meetings with the utility for a targeted rollout in the first half of 2026. The company also completed a product installation in Medicine Hat as part of the Energy Innovation Challenge, a joint program by the City of Medicine Hat and Decentralized Energy Canada. Additionally, two more smart meter company integrations have been completed to IEEE 2030.5 communication standards to further expand utility channels.

Helping Power the Energy Transition

The rapid shift to renewable energy, particularly with the rise of Electrification 2.0, is transforming how utilities plan and manage the grid, according to a recent blog post by Nick Tumilowicz, Director of Product Management for Itron, and Brent Harris, Founder and Chief Operating Officer of Eguana. The companies are working together to address the demands of this accelerated energy transition. As electrification extends to vehicles, heating, and industrial processes, utilities are experiencing load growth rates not seen in decades, they noted.

"The challenge now is to extract more capacity from existing infrastructure without overbuilding," they explained. "Deploying demand-side management (DSM) at scale, along with reliable Distributed Energy Resources (DERs), is crucial to the success of these efforts. This also requires smarter orchestration of grid-edge assets through modern operations equipped with real-time visibility, forecasting, and control—capabilities now made possible through scalable, utility-grade platforms like Itron's Grid Edge Intelligence portfolio."

As the grid faces unprecedented pressure from Electrification 2.0, the role of DERs must evolve, they observed. It's no longer sufficient to reduce demand during peak hours; customer-sited resources must now interact with utility operational systems in real time, ensuring reliable performance, verifiability, and cybersecurity. "Unlike thermostats, managed EV charging, and other deferrable loads, distributed energy storage is the only behind-the-meter asset currently capable of both absorbing and delivering power on demand," the blog stated. "This makes it uniquely suited to support real-time DER coordination, local capacity relief, and grid-edge optimization."

Company Demonstrates Strong Momentum, Expert Says

¹According to an analysis by John Newell of John Newell & Associates on September 26, Eguana has already deployed thousands of its proprietary systems across North America, Australia, and Europe, establishing itself as a key player in the rapidly advancing energy transition. By integrating high-performance storage technology with VPP fleet management software, Eguana is targeting both utility-scale distributed resource aggregation and consumer backup markets. By providing on-site energy capacity precisely where it is most needed, Eguana connects consumers, contractors, and utilities, offering essential solutions as electricity demand rises in the era of electrification, Newell wrote.

Eguana's business model addresses one of the most pressing challenges utilities face today: managing the increasing electricity demand from the electrification of vehicles, heating, and industrial systems without resorting to costly centralized infrastructure expansion, the expert said. Its distributed energy storage systems can absorb and deliver power on demand, creating flexible grid-edge capacity that supports real-time load balancing, local resiliency, and the integration of renewable energy sources. The company's systems go beyond consumer backup products; they are engineered for utility-grade reliability, supporting applications such as local capacity relief, fast frequency response, and integration with virtual power plants, he said.

Eguana has validated its technology through partnerships with global leaders like Mercedes-Benz, Duracell Power Center, and the Itochu Corp., Newell noted. The collaboration with Itron successfully integrates Eguana's storage solutions directly into AI-driven smart meters using open standards. "This interoperability allows utilities to control distributed resources with greater visibility and security, opening the door to scaled adoption," Newell wrote. "With a production capacity of over 24,000 systems annually and relationships with major North American utilities, Eguana is positioned to scale into a utility-driven market projected to exceed +US$100 billion by 2030."

With fundamentals aligned to a market opportunity exceeding US$100 billion and strong momentum from the energy transition, Eguana Technologies Inc. was rated as a Speculative Buy by Newell.

The Catalyst: Unprecedented Electricity Consumption

In a significant shift from nearly two decades of stagnant U.S. load growth, Americans are now using more electricity than ever, according to ICF International. The rapid expansion of data centers to support AI technology, along with a surge in new manufacturing and oil and gas production, is driving a notable increase in industrial electricity demand. Additionally, electric vehicles, heat pumps, and other energy-intensive products are further contributing to this growth.

ICF's analysis indicates that U.S. electricity demand is projected to rise by 25% by 2030 and by 78% by 2050, compared to 2023 levels. This surge in demand has major implications for the reliability and affordability of electricity. For residential customers, electricity rates could increase by 15% to 40% by 2030, depending on the market. By 2050, some rates might even double.

Data centers expanding across the U.S. are expected to require 22% more grid power by the end of 2025 compared to the previous year, and nearly triple that amount by 2030, according to the latest forecast from 451 Research, a division of S&P Global. A report for S&P Global by Garrett Hering and Susan Dlin noted that power supplied to hyperscale, leased, and crypto-mining data centers is expected to increase by approximately 11.3 GW in 2025, reaching 61.8 GW, as stated in 451 Research's updated Datacenter Services & Infrastructure Market Monitor & Forecast, released in September. By 2026, U.S. data center demand is anticipated to grow to 75.8 GW for IT equipment, cooling, lighting, and other uses, further expanding to 108 GW in 2028 and 134.4 GW in 2030, according to the forecast. This does not account for enterprise-owned data centers outside of hyperscale tech giants like Amazon.com, Apple, Google, Meta Platforms, and Microsoft Corp.

The data center boom is driving strong load-growth projections for many electric utilities, largely fueled by the rise of AI. However, there is considerable uncertainty regarding the exact pace of power demand from data centers, the grid resources required to meet that demand, and the potential of large-scale onsite power alternatives, Hering and Dlin wrote.

Ownership and Share Structure²

Approximately 0.5% of the company is owned by management and insiders, while 24.6% is held by the Japanese ITOCHU Corp. The company's market cap is CA$5.88 million, with a 52-week range of CA$0.05 to CA$0.23.