EnSync, Inc. (ESNC) Reports Q4 Revenues Above Consensus

EnSync, Inc. (NYSE: ESNC) reported Q4 Revenue for the quarter came in at $3.1 million versus the consensus estimate of $1.57 million.

Financial Results

Total revenue for the fourth quarter was $3.1 million compared to $1.3 million in the year ago period. Total revenue for the fiscal year ended June 30, 2017 was $12.5 million compared to $2.1 million in fiscal 2016. The increase in revenue this year is primarily attributable to the company's shift to a PPA-based sales model where the company successfully sold 12 PPA projects for a total of $17.2 million, 11 of which had at least partial revenue recognition during fiscal 2017 as we progressed on constructing and commissioning those projects. In addition to the PPA sales, revenue was also recognized from system sales of the Company's Matrix Energy Management System and DER Flex platform.

Recent Highlights

• Fiscal 2017 revenues of $12.5 million increased by 6 times that of fiscal 2016 revenues of $2.1 million;
• In fiscal year 2017, EnSync Energy sold 12 power purchase agreements (PPAs) across both commercial and industrial (C&I), as well as residential, applications including Spectrum (formerly Time Warner), University of the Nations, Easter Seals, and the Villages of Kapolei;
• Introduced DER Flex™, EnSync Energy's proprietary technology that enables aggregation and monetization of distributed energy resources, such as solar and energy storage, in utility and ISO markets;
• Non-PPA deployments of the Matrix Energy Management platform and DER Flex Internet of Energy software occurred with key customers, including Schneider Electric, ENMAX, a major utility in Calgary, Alberta, the Chemehuevi Native American tribe\'s community center in San Bernardino County, and the Alliance for Sustainable Colorado in Denver;
• Signed collaboration agreement with Schneider Electric to explore distributed energy resource technology and market opportunities;
• Announced an expanded focus on the utility market segment through the creation of a utility market vertical in the company;
• Designed and managed the Smart Energy Microgrid Marketplace on-site microgrid demonstration system at Solar Power International (SPI), one of North America\'s biggest solar trade conferences;
• Initial deployment of the EnSync Energy SuperModule™, 20-foot containers that can quickly be placed and connected at the site, containing both power controls and energy storage;
• Acquired DCfusion, a direct-current (DC) system consulting, engineering and policy expertise firm which strategically aligns with EnSync Energy's technologies and target markets;
• The Company\'s backlog as of today totals approximately $13.0 million in estimated value at time of sale, up 125% from the Q4 2016 earnings call; and
• Cash balance at the end of June 2017 was $11.8 million.

For earnings history and earnings-related data on EnSync, Inc. (ESNC) click here.

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