reports
- Nicholas Cortellucci
- CFA
BES: Solid Q4 Financials; Expect Growth in 2024
What you need to know: • BES reported Q4 and FY23 financial results that were mixed relative to our expectations; importantly, gross margins increased to 49% (compared to 20% in Q3) due to operational and technical improvements. • We are expecting revenue growth to resume in FY24 as Braille Battery expands into Europe as well as powersports. • Electrafy is now booking orders for its backup system and deliveries will begin in Q2. BES also announced that its lithium fire protection device is fini...
- Nicholas Cortellucci
- CFA
BES: Key Takeaways from Management Meeting
What you need to know: • Our team got an operational and corporate update from CEO Lindsay Weatherdon last week, reaffirming our conviction in the story. • Electrafy is progressing well with conversations with potential clients including home service companies, electrical wholesalers, and residential home builders. • Braille Battery continues to execute on its plan to expand in Europe as well as into the North American Power Sports markets. Last week, we caught up with CEO Lindsay Weatherdon ...
- Nicholas Cortellucci
- CFA
BES: Mixed Q3 Financials; Long-Term Thesis Intact
What you need to know: • Braille reported Q3/23 financial results that were mixed compared to our expectations. Revenue and adjusted EBITDA were in line with our estimates but gross margin missed our expectations. • Braille Battery remains well positioned to expand internationally and return to its historical sales growth rate of ~15% while expanding gross margin in the process. Yesterday, Braille Energy Systems (BES:TSXV) reported Q3/23 financial results for the quarter ending June 30th. The r...
- Nicholas Cortellucci
- CFA
BES: Positive Operational Update
What you need to know: • Braille Battery will be expanding its product offering for motorcycles, ATV/UTVs, and personal watercrafts. Braille Battery will also begin outsourcing its e-commerce business, allowing it to focus on manufacturing. • Product development of Electrafy’s back-up system is nearing completion with the Company beginning discussions with potential customers. • Firebulb is completing commercial development and considering various monetization options. This morning, Braille En...
- Nicholas Cortellucci
- CFA
BES: Q2 Financials In Line with Expectations
What you need to know: • Braille Energy Systems reported Q2 financial results that were in line with our expectations. Revenue came in at $1.1M (+3% YoY, +26% QoQ) compared to our estimate of $1.1M. • Gross margin came in at 28% compared to our estimate of 32% and adjusted EBITDA came in at ($0.6M) vs. our estimate of ($0.7M). • BES remains well positioned for revenue growth acceleration and margin expansion for the back half of FY23. Braille Energy Systems (BES:TSXV) reported Q2/23 financial ...
- Nicholas Cortellucci
- CFA
BES: A Micro-Cap That Punches Above its Weight
What you need to know: • Braille Battery is a market leader in performance batteries for motorsports and racing vehicles. Braille Battery has posted a 56% sales CAGR over the last four years and is soon to be profitable • BES will be launching a residential battery backup power system in the coming quarters with potential to gain major market share • BES trades at 0.1x 2024E sales compared to auto parts manufacturers at 0.5x and residential energy storage companies at 3.1x Braille Energy System...
- Nicholas Cortellucci
- CFA
Energy Storage: The Missing Piece for the Energy Transition
What you need to know: • Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply and demand • The grid is becoming increasingly unstable due to its old age and extreme weather conditions, and is not set up to accommodate a net-zero system • Small and mid-cap players in the space are down over 60% since 2021, making today’s valuations a great entry point Why Do We Need Energy Storage? Intermittent Supply fro...
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