Envision Solar International, Inc.
Under the Symbol:
Envision Solar Announces First Quarter 2019 Financial Results and Provides Corporate Update
Thursday, May 16, 2019 8:00 AM
SAN DIEGO, CA / ACCESSWIRE / May 16, 2019 / Envision Solar International, Inc., (NASDAQ: EVSI) ("Envision Solar," or the "Company"), the leading producer of unique and sustainable infrastructure products for electric vehicle charging, energy security, and outdoor media, today announced financial results from the quarter ended March 31, 2019 and provided a corporate update.
"2019 has already been pivotal for the Company as we have completed our follow-on offering and concurrent up-listing to the Nasdaq exchange, while continuing to successfully execute sales and product deliveries," commented Desmond Wheatley, Envision Solar's CEO. "We have strengthened our balance sheet and are now debt free which will enable us to efficiently deliver on existing orders, enhance our sales and marketing activities and complete product development on our patent pending products which we believe have significant, global mass market appeal. Our pipeline is at an historical high and as of March 31, 2019, our contracted backlog was $3.7 million, the majority of which we believe we will deliver in the first half of 2019. Order backlog is robust and being replenished as we continue to convert pipeline to backlog. Though our first quarter revenues are lower than in the same period in 2018, we do not believe that this is indicative of anything more than delivery timing, resource allocation during the period and due to our follow-on offering closing in April 2019 vs early Q1 2019."
Recent Developments and First Quarter 2019 Corporate Highlights:
- May 2019 - Port of San Diego Deploys Envision Solar's EV ARC(TM) Portable, Solar-Powered Electric Vehicle Charging Station for Public Use
- May 2019 - Launched new web site (www.envisionsolar.com) and updated Envision App
- May 2019 - County of San Diego Operations Center Features EV ARC(TM) Portable, Solar-Powered Electric Vehicle Charging Station at Its Earth Day Outreach Event
- April 2019 - Up-listed to the Nasdaq exchange and closed on an upsized $12 million public offering
- March 2019 - Secured an agreement with the State of Washington State Parks Department to place EV ARC devices throughout Washington State Parks
- January 2019 - City of Ft. Lauderdale, Fla. Selects Envision Solar to provide EV ARC devices for its EV Fleet Services
- Q1 2019, delivered eighteen EV ARC™ units to New York City
Q1 2019 Financial Results
For the three months ended March 31, 2019, revenues were $1,189,595 compared to $2,875,972 for the three months ended March 31, 2018, a 59 percent decrease largely caused by working capital constraints due to our follow-on financing closing, later than we expected, in April of 2019. For the three months ended March 31, 2019, revenues were primarily derived from the delivery of eighteen EV ARC™ units to the City of New York. For the three months ended March 31, 2018, revenues were primarily derived from the delivery of forty-two EV ARC™ units. As of March 31, 2019, our contracted backlog was approximately $3.7 million and our pipeline exceeded $25M. The company experienced gross loss of $53,102 during the first quarter of 2019, compared to a gross profit of $34,300 for the period ended March 31, 2018, a 255 percent decrease. The Company expects gross profits to increase with increased product deliveries.
Total operating expenses were $522,667 for the quarter ended March 31, 2019 compared to $609,169 for the same period in 2018, a 14 percent decrease.
As of March 31, 2019, prior to the completion of the $12M follow-on offering which closed in April 2019, the company had cash of $125,791.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique and patented products include the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage, and EnvisionMedia solar advertising displays.
Based in San Diego, the company produces Made in America products. Envision Solar is listed on the NasdaqCM the symbol [EVSI and EVSIW]. For more information visit www.envisionsolar.com, call (515) 222-2560. Follow us on social media to keep up with the latest news: Facebook, Twitter, Instagram, and YouTube.
This Envision Solar International, Inc. Press Release may contain forward-looking statements, including those related to the closing of the offering. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may," or other words and similar expressions that convey the uncertainty of future events or results.
SOURCE: Envision Solar International, Inc.