EnSync, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Capex Guidance for the Third Quarter of 2018
February 13, 2018
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EnSync, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company's total revenues were USD 4,846,707 against USD 1,736,569 a year ago. Revenue during the second quarter was largely derived from 8 PPA contracts that have under construction in Hawaii, which are recognized on a percent of completion basis. Loss from operations was USD 2,525,478 against USD 4,309,545 a year ago. Loss before expense for income taxes was USD 2,611,444 against USD 4,336,770 a year ago. Net loss attributable to the company was USD 2,535,683 against USD 4,276,705 a year ago. Net loss attributable to the common shareholders was USD 2,621,042 or USD 0.05 per basic and diluted share against USD 4,354,036 or USD 0.09 per basic and diluted share a year ago.
For the six months, the company's total revenues were USD 7,208,755 against USD 9,393,130 a year ago. Loss from operations was USD 6,526,350 against USD 9,064,988 a year ago. Loss before expense for income taxes was USD 6,596,468 against USD 9,061,765 a year ago. Net loss attributable to the company was USD 6,427,477 against USD 8,919,427 a year ago. Net loss attributable to the common shareholders was USD 6,596,113 or USD 0.12 per basic and diluted share against USD 9,072,203 or USD 0.19 per basic and diluted share a year ago. Net cash used in operating activities was USD 5,880,428 against net cash provided by operating activities of USD 473,828 a year ago. Expenditures for property and equipment were USD 16,169 against USD 9,149 a year ago.
The company expects to spend $0.25 million in the third quarter of 2018, after which levels are expected to decrease entering the fourth quarter.
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. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Capex Guidance for the Third Quarter of 2018
ENSYNC, INC. 
