EnSync, Inc. (ESNC) Tops Q3 EPS by 1c, Miss on Revenues

EnSync, Inc. (NYSE: ESNC) reported Q3 EPS of ($0.05), $0.01 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $3.1 million versus the consensus estimate of $5.3 million.

Financial Highlights

• Revenue during the third quarter of fiscal 2018 increased to $3.1 million, compared to $0.1 million in the year ago period, with revenue during the quarter largely being contributed by 10 power purchase agreement ("PPA") projects;
• Gross margins improved to 27.2% during the third quarter, compared to a gross margin loss in the year ago quarter, and gross margins of 24.2% in the immediately preceding quarter as the Company becomes more efficient and profitable on its PPA construction and sales efforts;
• The Company has 12 PPA projects in backlog in various stages of execution. Estimated backlog value for PPA projects, components and systems as of the date of this announcement is approximately $16 million, an increase of 40.4% compared to $11.4 million on February 13, 2018; and
• Sold the Company's Menomonee Falls corporate headquarters for net proceeds of $1.7 million during the third quarter.

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

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