EnSync, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2018
May 15, 2018 at 04:05 pm EDT
Share
EnSync, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2018. For the quarter, the company reported revenue was $3,073,078, compared to $50,505 in the year ago period. Loss from operations was $2,895,394 compared to $4,412,446 a year ago. Loss before benefit for income taxes was $3,083,742 compared to $4,582,836 a year ago. Net loss attributable to EnSync, Inc. was $2,933,444 compared to $4,454,114 a year ago. Net loss attributable to common shareholders was $3,020,939 or $0.05 per basic share compared to $4,533,378 or $0.09 per basic share a year ago. The company use cash and operating activities of $2.2 million in the third quarter compared to a usage of cash of $5.1 million in the year ago period.
For the nine months, the company reported revenue was to $10,281,833, compared to $9,443,635 in the year ago period.
Loss from operations was $9,421,744 compared to $13,477,434 a year ago. Loss before benefit for income taxes was $9,680,210 compared to $13,644,601 a year ago. Net loss attributable to EnSync, Inc. was $9,360,921 compared to $13,373,540 a year ago.
Net loss attributable to common shareholders was $9,617,052 or $0.17 per basic share compared to $13,605,580 or $0.28 per basic share a year ago. Net cash used in operating activities was $8,066,662 compared to $4,578,824 a year ago. Expenditures for property and equipment was $34,377 compared to $46,364 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. 
