Business
Telkonet Announces Fiscal Year 2018 Financial Results
Telkonet Announces Fiscal Year 2018 Financial Results.
About this update from Telkonet, Inc.
[{"type":"text","content":"Teleconference and Webcast to be Held Today at 4:30 P.M. ESTWAUKESHA, WI / ACCESSWIRE / April 1, 2019 / Telkonet, Inc. (OTCQB: TKOI), (the "Company", "Telkonet"), developer 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 fiscal year ended December 31, 2018. Telkonet management will hold a teleconference to discuss these results with the financial community today at 4:30 p.m. ET/3:30 p.m. CT. "While 2018 annual revenues were flat overall, the Company completed order growth ending in record annual orders and backlog at year-end of $4.0 million, up from $1.5 million in the prior year," stated Jason Tienor, Telkonet's Chief Executive Officer. "Marquee multi-year project awards, increased market penetration and awareness through an expanded strategic marketing plan and expanding channel growth have yielded increases to our order activity."Operating and Financial Highlights Comparison for the Years Ended December 31, 2018 and 2017: Net loss from continuing operations decreased to $3.0 million for the year ended December 31, 2018 compared to $3.5 million in the prior year Operating expense decreased 7% to $6.8 million for the year ended December 31, 2018 compared to $7.3 million in 2017 Focusing on long-term, sustainable strategic growth, the Company recognized 69% growth in recurring revenues year-over-year resulting from increased sales activity on the annual support contracts Through expanded marketing activities and extended project negotiations, Telkonet increased orders and compiled the largest backlog in company history of approximately $4.0 million for the year ended December 31, 2018 Successful certification as the first intelligent device participating in Hilton's new Connected Room Initiative Extensive Channel development resulting in end-of-year sales through channel efforts of 75% for the year ended December 31, 2018 as compared to 59% in the prior year Completion and release of Telkonet's newest products, Touch Flex WiFi and Zigbee, resulting in expanding markets and new technological deployments Completion of numerous new integrations including Assa Abloy doorlocks and additional building management and...