Menomonee Falls-based EnSync Inc. reported a $1.4 million jump in revenue during the second quarter of fiscal 2017 and also slightly narrowed its losses.
The developer of distributed energy systems reported a net loss of almost $4.3 million, or 9 cents per diluted share, an improvement over the nearly $4.5 million loss, or 10 cents per share, during the same period last year.
Revenue increased from $382,261 to $1.7 million, driven primarily by an increase in product sales. The company said the increase was the result of the sale of two power purchase agreements in November.
“We are very pleased with our progress during the second quarter, and with our ongoing market penetration for Matrix and our PPA business model,” said Brad Hansen, EnSync president and chief executive officer. “We continue to close commercial PPAs and contracts, including with some of the top companies operating in North America and Hawaii such as Time Warner Cable, and have successfully signed our first multi-structure residential solar plus storage system contract.”
Hansen said the company would continue to focus on its PPA strategy in Hawaii while also expanding into California, the eastern U.S. and Canada. He said the company recently hired David Eisenbud, a 20-year industry veteran, to lead expansion into the eastern U.S. and Canada.
“We believe there is a tremendous opportunity to develop solutions for commercial, industrial, government and selective utility clients seeking fully-integrated products and services associated with (distributed energy resource systems) and advanced (internet of energy) grid-interactive communications and controls in these regions,” Hansen said.
