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Legend Power Systems Reports Q3 F2023 Financial Results
Conference Call Scheduled for 11am EST Vancouver, British Columbia--(Newsfile Corp. - August 25,...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power Systems Reports Q3 F2023 Financial ResultsConference Call Scheduled for 11am ESTVancouver, British Columbia--(Newsfile Corp. - August 25, 2023) - Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) (\"Legend Power\" or the \"Company\"), a global leader in commercial electrical system solutions, reports its financial results for the three months ended June 30, 2023 (\"Q3 F2023\"). The Company has also scheduled a conference call to provide a business update to discuss its Q3 F2023 financial results 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.sedarplus.ca. All dollar figures are quoted in Canadian dollars.Q3 F2023 HighlightsRevenue of $470 thousand versus $1.02 million in Q3 F2022 Adjusted EBITDA loss of $884 thousand versus a $1.24 million loss in Q3 F2022Net loss of $1 million versus a $1.49 million loss in Q3 F2022Cash of $522 thousand, no debt, and $2.22 million in working capital at June 30, 2023Subsequent Events The Company completed a non-brokered private placement for gross proceeds of $2,541,080. You can find the press release here.\"Our focus this quarter remained around advancing sales opportunities and we currently have new late-stage large deals with very strong financial viability,\" said Randy Buchamer, Legend Power Systems CEO. \"The handful of late-stage deals could bring over $10 million in new potential bookings near term with the long term total pipeline now north of $100 million. More recently we completed a non-brokered financing for $2.5 million that bolsters the balance sheet and sets the Company up financially to execute on the strong pipeline of business we see coming into the end of this year and 2024.\"Q3 F2023 Operational Highlights Green Proving Ground program for the United States General Services Administration, which operates approximately 1,800 federally owned buildings is proceeding well. The deployment and evaluation schedule is well under way. Two initial sites have been selected and installations are expected in late 2023.The Company's channel sales team has grown reseller and ESCO relationships, furthering adoption of both Insights, Power Impact Reports and SmartGATE solutions. Target ma...