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Legend Power(R) Systems Reports Q2 F2023 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2023) - Legend Power® Systems Inc. (T...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power(R) Systems Reports Q2 F2023 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - May 26, 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 March 31, 2023 (\"Q2 F2023\"). The Company has also scheduled a conference call to provide a business update to discuss its Q2 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.sedar.com. All dollar figures are quoted in Canadian dollars.Q2 F2023 HighlightsRevenue of $74 thousand versus $344 thousand in Q2 F2022 Adjusted EBITDA loss of $1.04 million versus a $1.32 million loss in Q1 F2022Net loss of $1.19 million versus a $1.48 million loss in Q2 F2022Cash of $1.5 million, no debt, and $3.15 million in working capital at March 31, 2023Subsequent Events 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, with plans to build and ship the first system in September 2023, followed by a second system shortly after. The Company published performance results of the first round of Gen3 SmartGATE platforms. These results included a 20% increase in energy savings performance over prior generations as well as elimination of over 99% of incoming grid fluctuations. Several customers have reported that the maintenance and repair savings are outpacing energy savings in many cases resulting in $2 of maintenance savings for every $1 of energy savings.\"Many new large opportunities continued to advance in our sales funnel, and we continue to believe we will hit our target bookings this year,\" said Randy Buchamer, Legend Power Systems CEO. \"These include deals with ESCOs, commercial real estate companies, government agencies and electrical distribution companies. It is now evident that our sales and power analysis process is enabling us to speak directly to C-suite executives about the benefits of Active Power Management and Legend's solutio...