Envision Solar Announces Record Q3 and Year to Date Revenues and Positive Gross Margins
YTD Revenues Exceed Previous Best Annual Revenues
SAN DIEGO, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading producer of unique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, released financial results for the third quarter and year to date, 2018 on Wednesday.
In the third quarter of 2018, the Company achieved revenue of $938,218, a 316% increase over the same period in 2017 and the highest third quarter revenue in the Company’s history. Third quarter gross profits increased by 574% over the same period in 2017. The Company has achieved YTD revenues of $4.7M, a 322% increase over 2017 and higher than any full year in the Company’s history. YTD gross profits increased 470% over the same period in 2017. Revenue was achieved through new and repeat customer orders of the Company’s EV ARC™ products from government and enterprise customers.
The Company achieved a gross profit during the first, second and third quarters, continuing a trend of increasing gross profitability at higher sales volumes. Excluding overheads, the direct costs for labor and materials for the Company’s flagship EV ARC™ product are significantly lower than the selling price in most cases.
Current contracted backlog is just under $6 million. The Company expects to convert all current backlog to revenue in 2018 and Q1 of 2019 and has a strong qualified pipeline of new business that exceeds $27 million.
The Company is achieving consistently higher levels of backlog and pipeline through a combination of contributors including:
- Record numbers of units shipped YTD
- Follow-on orders from existing customers
- Improvements in the Company’s selling and marketing activities
- Increased interest from municipal, state and federal customers
- Increases in the adoption of electric vehicles
- Increased legislation and government mandates favoring electrified transportation
- Additional value stacking on the existing products such as the introduction of emergency power panels on the EV ARC™ product and the enabling of DC fast charging for electric buses and electric passenger cars without grid connections
“We have had another record quarter with gross profitability and we have sufficient backlog to continue our best year ever and start 2019 strong,” said Envision Solar CEO, Desmond Wheatley. “Our operating expenses are the same as they were a year ago, but our revenue is up 322%. I’m thrilled with the great work from the team and the great opportunity for more operating leverage and continued growth.”
Operating expenses for the YTD 2018, including stock-based compensation expenses, were just over $1.7M, essentially which represents no material increase over the same period in 2017.
About Envision Solar International, Inc.
Envision Solar, , is a sustainable technology innovation company whose unique products include the patented EV ARC™, the patented Solar Tree® and the patent pending EV-Standard™ products, 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 employs combat veterans, disabled workers, minorities and other fine contributors to produce Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information visit or call (760) 420-6569.
Forward-Looking Statements
This Press Release may contain forward-looking statements regarding future events or our expected future results that are subject to inherent risks and uncertainties. All statements in this Report 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. Statements contemplating or making assumptions regarding actual or potential sales, market size, and demand, prospective business contracts, customer orders, trends or operating results also constitute forward-looking statements. Our actual results may differ substantially from those indicated in forwarding looking statements because our business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our operating results, financial condition, and business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for our prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for solar energy, a lack of profitability, a decline in our stock price, and other risks. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Current results and trends are not necessarily indicative of future results that we may achieve.
Contact:
Lucia Asbury
Envision Solar International, Inc.
(760) 420-6569
