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  • Eguana Technologies (EGT) releases operational updates and 2020 annual results
  • Some of the big highlights were the overall revenue of C$7.95 million, a 132 per cent increase to 2019
  • A point to take note of would be the 2020 fiscal year operating losses totalled C$5.14 million, which is a decline from the 2019 losses of C$7.46 million
  • Eguana also grew its dealer network to 239–195 in the United States and 44 in Australia.
  • Eguana Technologies (EGT) is at C$0.395 per share at market close

Eguana Technologies (EGT) releases operational updates and 2020 annual results.

With its fiscal year ending on September 30, 2020, Eguana CEO Justin Holland raises his hat to his team’s effort during the pandemic.

“The entire Eguana team worked tirelessly throughout the year under [tough] and often changing conditions, complicated by a global pandemic, to achieve several milestones: record revenues, record order book, and multiple products and certification completions,” said Holland.

Some of the big highlights were the overall revenue of C$7.95 million, a 132 per cent increase to 2019. Not to mention the 2020 gross margins of C$0.9 million from product and engineering sales, compared to C$0.07 million in 2019.

Another highlight was the Q4 2020 revenue of C$1.33 million, A 61 per cent increase from 2019.

A point to note is the 2020 fiscal year operating losses totalled C$5.14 million, which is a decline from the 2019 losses of C$7.46 million.

Of course, business decisions were made, but perhaps some important ones of 2020 need to be pointed out.

In 2020, Eguana joined into a partnership and investment with Itochu Corporation. Here they worked together on a battery supplier agreement and pushed to include Moixa Gridshare AI integration.

Eguana also grew its dealer network to 239–195 in the United States and 44 in Australia.

“Significant growth is expected for the residential energy storage markets through 2021 and beyond. With a record order book and backlog, higher-margin products, as well as a diversified battery module supply chain, Eguana is poised to deliver its best results to date,” Holland added.

Eguana Technologies (V.EGT) is at C$0.395 per share at market close.

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