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Legend Power Systems Reports Fiscal 2022 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2022) - Legend Power® Systems In...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power Systems Reports Fiscal 2022 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - December 22, 2022) - Legend Power® Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) (\"Legend Power\" or the \"Company\"), a global leader in commercial electrical system solutions, reports its fiscal year 2022 financial results. The Company has also scheduled a conference call to provide a business update to discuss its 2022 financial results for today 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.sedar.com. All dollar figures are quoted in Canadian dollars.Financial Highlights for Q4 F2022 (quarter ending September 30, 2022) Revenue of $578 thousand in Q4 F2022 versus $193 thousand for the 3 months ending September 30, 2021 (Q4 F2021)Adjusted EBITDA loss of $893 thousand versus a $1.02 million loss in Q4 F2021Net loss of $1.09 million versus a $1.03 million loss in Q4 F2021Cash of $3.09 million, no debt, and $5.14 million in working capital at September 30, 2022. Operational Highlights for Q4 F2022 The Company achieved key milestones during the final quarter of the fiscal year with the most significant milestone being that Legend was selected for the U.S. General Services Administration (GSA) Regional Green Proving Ground program, where SmartGATE systems were evaluated and aid in the development of specifications and standards for GSA's 1,800 federally owned buildings. The Company continued to commission new Gen3 SmartGATE systems and shipped twenty of its next-generation SmartGATE systems in F2022 and is proactively managing production and procurement to meet anticipated demand. Management continued to advance discussions with the City of New York's Department of Central Administrative Services' (DCAS) throughout the quarter following Legend being selected into the IDEA program earlier in the year. The first two installed SmartGATE systems exceeded anticipated energy savings targets and also surpassed expectations for protection from negative grid events.The engineering team continued to work on the system's remote commands functionality, which allows the Company to communicate remotely with Gen3 SmartGATE units in the field and is the foundat...