Last updated on May 14th, 2019 at 01:43 am
Menomonee Falls-based EnSync Inc. reported a $10.4 million jump in revenue in fiscal 2017 and also narrowed its losses.
The company, which creates distributed energy resource systems and internet of energy control platforms, reported a net loss of $4.4 million during the 2017 fiscal year, down from $18.2 million during fiscal 2016. The results represented a decreased loss from 39 cents to 9 cents per diluted share.
Revenue for the year was $12.5 million, up from $2.1 million in fiscal 2016.
The company’s loss from operations narrowed from $18 million in fiscal 2016 to $17.5 million in fiscal 2017.
The fourth quarter included $3.1 million in revenue, up from $1.3 million during the same period last year.
The company attributes the increase in revenue this year to the company’s shift to a power purchase agreement-based sales model. The company sold 12 PPA projects for a total of $17.2 million, 11 of which had at least partial revenue recognition during fiscal 2017.
“The expansion and success of our business model during fiscal 2017 helped drive a six time increase in revenues, as we successfully sold 12 PPA projects that we had developed in Hawaii,” said Brad Hansen, EnSync president and CEO. “These projects included key collaborations with Spectrum (formerly Time Warner), University of Nations, Easter Seals, and Villages of Kapolei, and supported key Hawaiian industries such as agriculture, food processing, telecommunications, hospitality, education, real estate and nonprofit. The market for our solutions continues to remain robust within Hawaii, with current backlog as of today up more than 125 percent from the Q4 2016 earnings call.”
Hansen said the company sees an expanding market for its distributed energy resources systems for commercial and industrial, and microgrid installations.
“We are pleased with the progress made in such a short period of time, including an expanding pipeline in both Hawaii and California, collaborations in place with industry leaders such as Schneider Electric, and the launch of products to address the utility market,” he said. “We look forward to continued growth in fiscal 2018 and beyond.”