EnSync, Inc. Reports Consolidated Earnings Results for the Year Ended June 30, 2017
September 20, 2017 at 04:23 pm EDT
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EnSync, Inc. reported consolidated earnings results for the year ended June 30, 2017. For the period, the company reported Product sales of $12,319,184 against $1,730,851 a year ago. Total revenue was $12,494,184 against $2,100,023 a year ago. Loss from operations was $17,520,557 against $18,014,673 a year ago. Loss before benefit for income taxes was $4,441,863 against $18,262,962 a year ago. Net loss attributable to the company was $4,089,536 against $17,876,058 a year ago. Net loss per basic and diluted share was $0.09 against $0.39 a year ago. Net cash used in operating activities was $7,214,500 against $12,885,467 a year ago. Expenditures for property and equipment was $46,366 against $406,917 a year ago.
EnSync, Inc., doing business as EnSync Energy Systems (EnSync Energy), is focused on distributed energy resource (DER) systems and Internet of energy (IOE) control platforms. EnSync Energy ensures electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As a project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized. Its direct current (DC) power control hardware, energy management software, and experience with energy storage technologies positions EnSync Energy to deliver fully integrated systems that provide for design, procurement, commissioning and ongoing operation. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs). The Company is on the verge of initiating insolvency proceedings.
ENSYNC, INC. 