Business
Telkonet Announces First Quarter 2016 Financial Results
Telkonet Announces First Quarter 2016 Financial Results.
About this update from Telkonet, Inc.
[{"type":"text","content":"\n \n \n Telkonet Announces First Quarter 2016 Financial Results\n \n \nTelkonet Announces First Quarter 2016 Financial Results\n\nCompany Achieves Record First Quarter Revenue; Teleconference and Webcast to be Held Today at 4:30 P.M. EDT\n\n \n MILWAUKEE, WI--(Marketwired - May 5, 2016) - Telkonet, Inc. (OTCQB: TKOI), (the \"Company\", \"Telkonet\"), creator of the EcoSmart platform of intelligent automation solutions designed to optimize comfort, energy efficiency and operational analytics in support of the emerging Internet of Things (IoT), today announced financial results for the first quarter ended March 31, 2016. Telkonet management will hold a teleconference and webcast to discuss these results with the financial community today at 4:30 p.m. ET/3:30 p.m. CT. \n \"Our first quarter results demonstrate the success of our strategic growth initiatives and continued investment in sales and marketing activities,\" states Jason Tienor, Telkonet Chief Executive Officer. \"Our continued innovation and technological leadership have allowed us to develop a platform that is unique in our target verticals. We look forward to expanding on these results with the release of several new innovations throughout 2016.\"\n Operating and Financial Highlights for the First Quarter Ended March 31, 2016 Compared to First Quarter 2015\n \n \n Q1 revenue saw an 80% improvement year over year and marked the highest Q1 revenues in history\n \nRevenue from the EcoSmart Platform increased $2.0 million, or 261% over 2015\n \nGross Profit increased by $1.3 million, or 105% over 2015\n \nGross Margins expanded to 55%, compared to 48%, second highest in company's history\n \nAdjusted EBITDA increased $0.9 million from $(0.6) million to $0.3 million\n \nChannel sales increased by $0.8 million or 110% year over year\n \nUniversity projects including schools such as the University of Chicago, Kansas State University, East Central University, University of Minnesota and New York University represented 9% of the quarterly revenues\n \nCompany completed the largest Multiple Dwelling Unit (\"MDU\") sale of its history for Rivercross Apartments on Roosevelt Island in New York for more than $350,000\n \n \n \"While the first quarter is typically slow due to seasonality, we've shown that a strategy of expanded vertical focus and focus on channel driven sales has en...