• Economy
  • Investing
Long Distance Investing
  • Stock
  • Editor’s Pick
Investing

Legend Power Systems Reports Q3 F2024 Financial Results

by August 23, 2024
written by August 23, 2024

Conference Call Scheduled for August 23, 2024 at 11am EST

August 22, 2024 8:00 PM EDT | Source: Legend Power Systems Inc.

Vancouver, British Columbia–(Newsfile Corp. – August 22, 2024) – Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) (“Legend Power” or the “Company“), a global leader in commercial electrical system solutions, reports its financial results for the three months ended June 30, 2024 (“Q3 F2024“). The Company has also scheduled a conference call to provide a business update to discuss its Q3 F2024 financial results tomorrow at 11:00 AM ET (8:00 AM PT) (details below). The call will be hosted by Randy Buchamer, President & Chief Executive Officer. A complete set of Financial Statements and Management’s Discussion & Analysis has been filed at www.sedarplus.ca. All dollar figures are quoted in Canadian dollars.

Q3 F2024 Highlights

Revenue of $1.04 million versus $470 thousand in Q3 F2023
Adjusted EBITDA loss of $392 thousand versus a $884 thousand loss in Q3 F2023
Net loss of $482 thousand versus a $1.02 million loss in Q3 F2023
Cash of $806 thousand, no debt, and $1.5 million in working capital at June 30, 2024

“The third quarter of fiscal 2024 illustrated several key milestones we have been talking about over the last few quarters,” said Randy Buchamer, Legend Power Systems CEO. “These include, gross margin improvement to 50% illustrating the power of our financial model, initial orders and deliveries of our Gen3 systems and an LOI for another $3 million from the DOD, bringing order visibility to $5.5 million over the last few quarters. As we work to close additional deals, our pipeline continues to grow. We continue to manage our cash carefully and expect that with deposits and working capital we have the funds necessary to execute on our business model. I look forward to being able to update investors as additional deals are finalized in the coming quarters.”

Q3 F2024 Operational Highlights

Progress continues with the City of New York’s Department of Citywide Administrative Services (DCAS) IDEA program. The City of New York has closed its first round of bids for school projects, which includes the SmartGATE solution in the specification and the award is expected to result in bookings in the near future. The first order from DCAS was received during the quarter, with the expectation of additional orders to follow.

The second site for the Green Proving Ground program for the United States General Services Administration has been selected, which operates approximately 1,800 federally owned buildings is proceeding well. This second unit will be commissioned and shipped in the coming months. The Company continues to build upon key milestones achieved in the prior year, the deployment and evaluation schedule continues to progress.

The pipeline remains very strong with opportunities into government and commercial real estate including residential, hospitality, big box retail and commercial office. Currently Legend Power Systems is engaged in active sales processes with several of the top firms in the Commercial Real Estate space, with large building portfolios.

Q3 F2024 Financial Highlights

Financial summary for the three and nine months ended June 30, 2024 and 2023

Three months ended June 30,
Nine months ended June 30,

(Cdn$, unless noted otherwise)
2024
2023
Change
2024
2023
Change

Revenue
1,042,412
470,310
122%
1,167,638
946,979
23%

Cost of sales
522,274
366,307
43%
611,845
747,124
(18)%

Gross margin1
520,138
104,003

555,793
199,855

Gross margin %1
50%
22%

48%
21%

Operating expenses
999,539
1,128,015
(11)%
3,037,366
3,429,420
(11)%

Other income
(2,985)
5,444
(155)%
10,539
17,392
(39)%

Net loss
(482,386)
(1,018,568)
53%
(2,471,034)
(3,212,173)
23%

Adjusted EBITDA2
(392,191)
(883,821)
56%
(2,175,010)
(2,769,341)
21%

1 Gross margin is based on a blend of both equipment and installation revenue.
2 Adjusted EBITDA is a non-IFRS financial measure. See EBITDA Reconciliation for details.

Revenue for the three months ended June 30, 2024, was $1,042,412 compared with $470,310 in the same quarter of fiscal 2023. The increase in revenue during Q3 of fiscal 2024 was primarily due to an increase in the number of SmartGATE units delivered during the period.

Gross margin in the third quarter of fiscal 2024 was $520,138 (50%), compared with $104,003 (22%) in same quarter of fiscal 2023. The increase in gross margins in Q3 of fiscal 2024 was due to an increase in the average selling price of SmartGATE units.

The Company’s operating expenses for the third quarter of fiscal 2024 were $999,539, down from $1,128,015 in the same quarter of fiscal 2023. The primary cause for the decrease was lower salaries and consulting costs as a result of internal cost cutting measures.

Adjusted EBITDA for the third quarter of fiscal 2024 was negative $392,191, compared with negative $883,821 in same quarter of fiscal 2023.

Net loss for the third quarter of fiscal 2024 was $482,386, compared with a net loss of $1,018,568 in the same quarter of fiscal 2023. Increase in gross margins and decreased operating costs in Q3 of fiscal 2024 compared with the same quarter of fiscal 2023 resulted in a lower net loss.

CONFERENCE CALL DETAILS:

DATE: Friday, August 23, 2024
TIME: 11:00 AM ET (8:00 AM PT)
WEBINAR: Legend Power Q3 Fiscal 2024 Financial Results Investor Webinar (via Zoom)

REPLAY: Available at: https://legendpower.com

About Legend Power Systems Inc.

Legend Power Systems Inc. (https://legendpower.com/) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend Power’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR+ at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results to not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220869

SOURCE: Legend Power Systems Inc.

The post Legend Power Systems Reports Q3 F2024 Financial Results appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
Amphibious Transport Dock Richard M. McCool, Jr. (LPD 29) Sails Away From Ingalls Shipbuilding
next post
Hempalta Corp. Announces Financial Results for Three Months and Nine Months Ended June 30, 2024

You may also like

MEXC strengthens reserve backing with $390M asset increase

April 23, 2025

Oil prices rebound: what’s driving the rally and...

April 23, 2025

Silver rises with gold, but industrial demand outlook...

April 23, 2025

Lead Edge Capital founder Mitchell Green says recession...

April 23, 2025

Why is Toncoin price rising today?

April 23, 2025

BC.GAME to host ‘Untamed Arena’ during TOKEN2049 Dubai,...

April 23, 2025

Keycard launches pre-sale for Shell: the most open,...

April 23, 2025

BA stock rises as Boeing reports smaller Q1...

April 23, 2025

US stocks surge at open: Dow climbs 2.4%,...

April 23, 2025

iExec launches 1M $RLC fund to support AI...

April 23, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • Semtech Showcases Next-Gen LoRa® Technology at IoT Solutions World Congress 2025

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Categories

    • Economy (679)
    • Editor's Pick (348)
    • Investing (4,555)
    • Stock (820)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: Longdistanceinvestings.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 Longdistanceinvestings.com

    Long Distance Investing
    • Economy
    • Investing
    Long Distance Investing
    • Stock
    • Editor’s Pick