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Legend Power(R) Reports Q2 F2022 Financial Results
Next Generation SmartGATE Units Began Shipping in Q2 F2022 VANCOUVER, BC / ACCESSWIRE / ...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power(R) Reports Q2 F2022 Financial ResultsNext Generation SmartGATE Units Began Shipping in Q2 F2022VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / 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 March 31, 2022 (\"Q2 F2022\"). The Company has also scheduled a conference call to provide a business update to discuss its Q2 F2022 financial results for Thursday, May 26, 2022 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.Q2 F2022 Financial HighlightsRevenue of $343 thousand versus $482 thousand in Q2 F2021Adjusted EBITDA loss of $1.32 million versus a $708 thousand loss in Q2 F2021Net loss of $1.48 million versus a $983 thousand loss in Q2 F2021Cash of $6.03 million, no debt, and $7.63 million in working capital at March 31, 2022Subsequent EventsLaunched new partner program page, new partner portal, and new true cost of power estimatorCompleted shipments of 20 Next Generation SmartGATE Platforms and secured inventory for 50 additional unitsFirst Next Generation SmartGATE platform installed and performing above initial expectationsReduced operating expenses and based on our budget have a twelve-month runway with existing cash and working capital\"We've worked diligently with new and existing suppliers to secure delivery commitments for long lead-time and critical inventory components,\" said Legend Power Systems CEO Randy Buchamer. \"We're managing Legend's transition to fulfilling customer orders for the new SmartGATE Platform to balance forecasted customer demand with the amount of working capital committed to investing in inventory. While supply chains around the world are still a concern for many companies, Legend has significantly reduced its risk and will continue to work to secure supply to be able to deliver on anticipated growing demand.\"Overview of Q2 F2022 FinancialsDuring Q2 F2022 the Company continued to invest in its sales team and inventory while expanding production and field operations capacity in readiness f...