EnSync, Inc. (ESNC) Reports Q1 Loss of $0.05, Revenues Miss

EnSync, Inc. (NYSE: ESNC) reported Q1 EPS of ($0.05), versus $0.00 reported last year. Revenue for the quarter came in at $2.7 million versus the consensus estimate of $3.1 million.

• Revenue for the first quarter of fiscal 2019 was $2.7 million, compared to $2.4 million in the first quarter of fiscal 2018. For the first quarter of fiscal 2019, the Company recognized revenue from 10 power purchase agreement ("PPA") projects.
• On September 5, 2018, the Company completed a registered direct offering of 11,334,616 shares of Common Stock at a price of $0.26 per share for net proceeds of $2.7 million.
• The Company has 10 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 $13.8 million.

Brad Hansen, CEO of EnSync Energy, commented, "The market environment for our products and services continues to be positive, driven by a shifting of the energy production mix from carbon emitting sources to renewable sources, and by the increasingly favorable economics for solar energy, energy storage, and combined solar plus storage systems for self-generation. We are very pleased with our progress, especially in the residential energy systems segment and the traction we are getting with our Smart Home Energy System."

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

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