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Aurora Releases Year End Financial Results - 77% Increase in Revenue and Significant Gross Margin Improvement
North Vancouver, British Columbia--(Newsfile Corp. - July 30, 2018) - Aurora Solar Technologi...
About this update from Aurora Solar Technologies, Inc.
[{"type":"text","content":"Aurora Releases Year End Financial Results - 77% Increase in Revenue and Significant Gross Margin ImprovementNorth Vancouver, British Columbia--(Newsfile Corp. - July 30, 2018) - Aurora Solar Technologies Inc. (TSXV: ACU) (OTC Pink: AACTF) (FSE: A82) (\"Aurora\") (\"Company\"), a leader in inline measurement and control technology for the photovoltaic manufacturing industry, released today its year-end financial results for the fiscal year ending March 31, 2018. The Company recognized a record revenue of $2,507,740 for the year, an increase of 77% compared to the prior year. The gross margin improved significantly to 59.6% from 43.5%, an improvement of 37% compared to the prior year. The loss from operations was ($737,822) for the year, an improvement of 48% compared to the prior year.\"These financial results show how close Aurora is to cash-flow positive operations,\" said Michael Heaven, Aurora's CEO. \"We are excited by the growth in revenue from our unique infrared quality measurement and control technology being purchased by leaders in the industry and believe our China office opening in May contributed significantly to the tripling of our sales pipeline which is expected to convert to orders in the second half of our current fiscal year,\" he continued.Major initiatives accomplished during the fiscal year and in the first 6 months of 2018 included:1) Installing the record number of systems shipped during the fiscal year in Korea, China and Singapore. These installations were on high end monocrystalline PERC and bifacial production lines requiring sensitive handling and hands free automated measurement of the quality after the diffusion process, to ensure a faster plant start up and better yield by eliminating inferior quality solar cells early in the process.2) Installing and starting up a Decima Gemini measurement system with Veritas process visualization software on a bifacial line for the world's largest manufacturer of solar cell panels. The evaluation has completed, and the Company has documented the performance of the system for the customer's management. The company expects a decision on purchasing the system shortly and has significant future orders in the pipeline based on this customer's expansion plans.3) The addition of Dr. Johnson Wong, a senior physicist with extensive experience in solar cell char...