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The post MD&A-Q1-2018 appeared first on PyroGenesis Canada Inc.. via PyroGenesis Canada Inc. https://ift.tt/2LKd4qi The post PyroGenesis Announces Q1 2018 Results: Revenues increased 21% to $2.1MM; Gross Margin of 34%; Current Backlog $5.2MM appeared first on PyroGenesis Canada Inc.. via PyroGenesis Canada Inc. https://ift.tt/2LK8fxc The post PyroGenesis Announces Successful Demonstration of Drosrite™ System in India; Expansion into Zinc Recovery; Significantly Increasing Target Market appeared first on PyroGenesis Canada Inc.. via PyroGenesis Canada Inc. https://ift.tt/2Ls2jsL Vancouver, Canada, May 24, 2018 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and management technology, today reported its fiscal Q2 2018 financial results for the three and six-month periods ended March 31, 2018. Legend’s healthy sales funnel, multiple follow-on orders, and penetration of a broader spectrum of market verticals in Ontario and Atlantic Canada have resulted in significant quarterly growth. A complete set of Financial Statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars. Q2 F2018 Highlights
Subsequent Events to the Quarter
“I am very pleased with both our second quarter financial and operating results,” said Randy Buchamer, CEO of Legend Power. “Our existing Ontario market continues to fire on all cylinders, and the talent we have attracted to fuel our U.S. growth has put the Company on a strong footing for success in this new region. Since the end of the quarter, we have seen several follow-on multi-unit orders, validating our technology with energy savings generated for our end customers. We’ve proven our business model in Ontario, and along with our recent $10.5 million financing, we are confident that we can duplicate our Ontario success throughout the United States.” Key initiatives for 2018
Initiatives started in 2018 which are expected to have significant impact on 2019 performance:
Revenue Revenue for the second quarter of 2018 was $1,916,582, a 91.4% increase from $1,001,382 in the same period of fiscal 2017. Revenue for the first half of fiscal 2018 was $3,199,289, an increase of 94.3% from $1,646,229 in the first half of fiscal 2017. The significant increase in revenue in 2018 is due primarily to building awareness of, and interest in, the Company’s technology across several market verticals as well as consistently demonstrating reliability and strong energy savings in a growing number of commercial buildings. Gross Margin Gross margin for the second quarter of 2018 and first half for 2018 was 41.7% and 38.5% respectively, a decrease from 51.1% and 47.8% in the same periods of fiscal 2017. The decreases were due primarily to the higher relative amount of lower margin installation revenue realized in the second quarter and six months of fiscal 2018 (32.6% and 41.5% of total revenue respectively compared to 11% and 14% respectively in the same periods of 2017). The lower margins experienced so far in fiscal 2018 are also due to a bias towards sales of the Company’s smaller, lower margin units and a large sale to a reseller, under the Company’s reseller program, which resulted in lower margins. The Company has implemented measures to strengthen the capacity and cost-effectiveness of its internal installation services team, the benefits of which are expected to have a materially positive impact on margins starting in the second half of fiscal 2018. Operating Costs Total operating expenses for the quarter ended March 31, 2018 increased to $1,242,127 from $760,122 in same period of 2017. Total operating expenses for the first half of fiscal 2018 increased to $2,420,303 from $1,509,069 in the first half of 2017. The increase in Q2 was primarily due to a significant increase in salaries and consulting fees associated with the Company’s growth in both existing and new geographical markets. The Company has added eleven additional staff members since the prior year period. Adding to the increase in overall operating expense in 2018 was general and overhead costs, which were due to higher office-related costs, and growth associated with sales and business development-focused travel costs to support the Company’s expansion in Toronto and New York. Financial summary for the three and six-month periods ended March 31, 2018 and 2017
1 Gross margin is based on a blend of both equipment and installation revenue. 2 Adjusted EBITDA; for the periods reported, we are disclosing Adjusted EBITDA, which is a non-IFRS financial measure, as a supplementary indicator of operating performance. We define Adjusted EBITDA as net income or loss before; interest, income taxes, amortization, non-cash stock-based compensation and foreign exchange gains and losses, as well as unusual non-operating items such as insurance settlement. Warranty expense is no longer included in the Adjusted EBITDA calculation, as such historical amounts have been updated. U.S. Expansion on Track The Company continued to increase awareness of its technology in the New York region by presenting at several industry-specific trade shows and with hosted education and awareness events. So far, interest has been strong as demonstrated by the significant number of new Distribution Partners added to the Distribution Partner Program. During the quarter, we added 4 new partners to the Program. This Program enables Legend to work with our partners’ local sales team to promote and sell Harmonizer systems to their trusted network of customers. Legend is working both independently and in concert with its distribution network to address buildings suffering from overvoltage. The Company recently renewed its NY Utility – Partner status and also became an approved Multi-Family Market Partner, allowing Legend to better leverage the multi-family incentives available to our clients. Canadian Sales and Operations Seeing Strong Growth Legend is experiencing increased sales activity and orders in Canada, illustrating strong acceptance of Legend’s solution as a commercial energy saving option. We are now emulating our successful education vertical sales strategy in the multi-residential, retail, property management and municipal market verticals and have dedicated sales representatives for each. Channel sales during the quarter were strong with nine units purchased by a reseller for clients in eastern Canada. The Company provides turn-key training and distributor support processes for its expanding distribution network, which is targeted for specific regions and companies looking to offer unique energy efficiency solutions that compliment their established business model. As part of the Company’s strategy to increase blended margins, and with a focus on installation costs, we have built a five-person Ontario installation team, which provides greater flexibility to complete certain jobs internally and at a materially lower cost than third-party contractors. Strong Working Capital Post Recent Financing As at March 31, 2018 the Company had working capital totaling $5.0 million, an increase from the $4.1 million at September 30, 2017. The increase was due in large part to the exercise of 4,464,382 warrants at a price of $0.40 each for total proceeds of $1.8 million in late 2017. 100% of all warrants expiring in calendar 2017 were exercised, and the Company now has no warrants outstanding. Subsequently, during April 2018, the Company closed a bought deal offering for total gross proceeds of $10.5 million. New Product Enhancement Beta Testing Now Complete The Company successfully launched an energy metering solution, which provides real-time energy saving performance data and other power management metrics to customers. This product was developed in response to overwhelming interest expressed by existing customers and sales prospects in having a direct link to the Company’s power management solution that resides in the power room of a customer’s commercial building. A customer-facing beta program is now complete, with 15+ systems now enhanced with integrated metering. This new product provides customers access to energy, power and system status readings 24 hours per day, 7 days per week via a web portal. Metering data will assist Legend and its customers to assess additional savings mechanisms and solutions for power quality issues of which the customers may have been previously unaware. Feedback from internal and external stakeholders has been positive so far. Investor Conference Call The Company will host a conference call to provide a business update and discuss its fiscal Q2 2018 financial results. The call will be hosted by Randy Buchamer, President & Chief Executive Officer and Steve Vanry, Chief Financial Officer. Investors may access the conference call via the following numbers: CONFERENCE CALL DETAILS:
About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange. For further information, please contact: Randy Buchamer, CEO and President Sean Peasgood, Investor Relations
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law. via Legend Power Systems Inc. https://ift.tt/2J10hRL MISSISSAUGA, Ontario, May 23, 2018 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG) (“Hydrogenics” or “the Company”), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that the Company will participate in the following events during May and June, 2018: via Hydrogenics Corporation https://ift.tt/2IEXQ3P MONTREAL, May 17, 2018 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR), (the "Company", the “Corporation” or "PyroGenesis") a Company that designs, develops and manufactures plasma based systems and plasma torch systems, is pleased to announce today that it has signed its first major exclusive commercial agreement (the “Agreement”) for the sale of titanium (Ti-6Al-4V) powders for use in the additive manufacturing (“AM”) industry, after having been qualified as an approved supplier by a client in Asia (the "Client").
This Agreement provides for a minimum sales volume of 10,000 kg (10 tons) over 2 years and is limited geographically to a specific territory in Asia. It is anticipated that the Agreement would be extended for further terms at the conclusion of the first 2-year term. It also allows for exclusive distribution into this territory. The Client specializes in advanced alloy powders for, amongst other industries, AM (3D Printing). They also produce metal powders and specialty parts. The Client is well established within the territory which is seeing one of the fastest growing demands for metal powders for AM. “This Agreement is significant because (i) of the magnitude of the order when compared to previous year’s revenues, (ii) it validates our strategy as a powder supplier to the AM industry, and (iii) the potential additional growth that can develop from this relationship alone,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “We did not expect to make such inroads into this particular geographic region before 2019, or even 2020. Although important, we did not see this as being what we call “low hanging fruit”, as we thought it would take a lot more time and effort before we could announce results like we have today. This Agreement compliments our Asian strategy nicely and was structured in such a way as not to impede other discussions taking place with others in the industry.” “We believe that this is the beginning of a developing partnership as this is only the guaranteed minimum sales volume committed to by the Client,” added Mr. Massimo Dattilo, Vice President, Sales of PyroGenesis. “Of note, this Agreement is for titanium powders only. The Client also has a need for nickel alloy powders (such as Inconel) which we have already successfully produced, as well as aluminum alloy powders which we can also produce. We expect to gain traction with respect to these other powders as well.” About PyroGenesis Canada Inc. PyroGenesis Canada Inc., a TSX Venture 50® high-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol:PYR) and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com. This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward- looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release. Vancouver, Canada, May 17, 2018 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and management technology, is pleased to announce the purchase of nine Harmonizer systems by channel sales partner Haven Consultants International (“Haven”). Haven has now purchased fifteen Harmonizers from Legend during the last three years for a broad spectrum of clients in eastern Canada. Of the nine systems purchased, six are destined for a post-secondary learning institution in the Province of New Brunswick. One system was purchased by an airport, and two were purchased by K-12 schools. System installations will be handled directly by Haven. “Our distribution relationship with Legend Power is a key differentiator and an important competitive advantage for my business,” said Michael Parry, President of Haven Consultants. “Legend’s unique voltage management solution creates a new business stream without any additional operating costs while offering considerable value to our clients in their quest to save energy and its related costs. We have sold many Harmonizer systems as a Legend distributor and look forward to a long future offering voltage management to our customers.” “Haven was one of the first companies to join the Legend partner network, and Michael Parry has been wonderful to work with,” remarked Randy Buchamer, CEO of Legend Power. “Our turn-key training and distributor support processes were largely designed with Haven in mind. They continue to gain traction in the Atlantic Canada region with a variety of customer types ranging from education to municipal facilities. We are very pleased with this long-term distributor relationship and look forward to helping Haven grow substantially in the years to come.” Legend Power offers its voltage management solution using a combination of direct and distribution sales. The Company is actively expanding its distribution network in targeted regions with companies looking to offer unique energy efficiency solutions that compliment their established business model. About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange. For further information, please contact: Randy Buchamer, CEO and President Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law. via Legend Power Systems Inc. https://ift.tt/2Iqk2P9 MISSISSAUGA, Ontario, May 14, 2018 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that all of the nominees listed in the Management Proxy Circular dated March 20, 2018 were elected as directors of Hydrogenics Corporation at the Company’s Annual General Meeting held on May 11, 2018 in Mississauga, Ontario, Canada. via Hydrogenics Corporation https://ift.tt/2KWCwbE Vancouver, Canada, May 9, 2018 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and management technology, is pleased to announce the purchase of eight Harmonizer systems by two Ontario based colleges totalling $967,583. These are the Company’s fifth and sixth sales in the post secondary subset of its Ontario education market vertical. There are approximately 45 college and university campuses in the Province of Ontario with each capable of supporting multiple Harmonizer systems to reduce overall power consumption and related costs. One of the two campuses represent a wholly new customer for Legend. The other is a repeat customer who, after installing and evaluating Legend’s solution, elected to outfit their entire campus with six additional units. “We are delighted to have once again tapped this subset of the broader education vertical in Ontario and look forward to working with other post secondary institutions to achieve their sustainability goals,” said Randy Buchamer, CEO, Legend Power Systems. “The type of momentum we are experiencing in the tight-nit education vertical is a tell-tale sign that customers openly endorse the cost-saving and environmental benefits of our voltage management solution. The continued success of our selling strategy in the Ontario education vertical, gives us confidence that it will be equally effective when replicated in new regions.” Legend Power provides a unique and compelling solution that impacts the energy use of an entire building and offers a guaranteed, long-term savings from a one-time investment. About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange. For further information, please contact:
Randy Buchamer, CEO and President + 1 778 945 1501
Sean Peasgood, Investor Relations + 1 647 503 1054 Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law. via Legend Power Systems Inc. https://ift.tt/2IpmB7s |
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