Legend Power Systems Reports Q2 F2024 Financial Results

Newsfile Corp.
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Conference Call Scheduled for May 24, 2024 at 11am EST

Vancouver, British Columbia--(Newsfile Corp. - May 23, 2024) - Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) ("Legend Power" or the "Company"), a global leader in commercial electrical system solutions, reports its financial results for the three months ended March 31, 2024 ("Q2 F2024"). The Company has also scheduled a conference call to provide a business update to discuss its Q2 F2024 financial results tomorrow at 11:00 AM ET (8:00 AM PT) (details below). The call will be hosted by Randy Buchamer, President & Chief Executive Officer. A complete set of Financial Statements and Management's Discussion & Analysis has been filed at www.sedarplus.ca. All dollar figures are quoted in Canadian dollars.

Q2 F2024 Highlights

  • Revenue of $124 thousand versus $74 thousand in Q2 F2023

  • Adjusted EBITDA loss of $811 thousand versus a $1.04 million loss in Q2 F2023

  • Net loss of $907 thousand versus a $1.19 million loss in Q2 F2023

  • Cash of $515 thousand, no debt, and $1.9 million in working capital at March 31, 2024

  • Subsequent to quarter end, received over $750 thousand in deposits on signed sales orders

"We are very excited to have closed on some large deals this quarter, including a double-digit landmark deal with a prominent commercial real estate owner/operator," said Randy Buchamer, Legend Power Systems CEO. "As we work to close additional deals, our pipeline continues to grow. We continue to manage our cash carefully and expect that with deposits and working capital we are funded into fiscal 2025. that will help with working capital going forward. I look forward to being able to update investors as additional deals are finalized in the coming quarters."

Q2 F2024 Operational Highlights

  • The first unit shipped to the US Federal Government, to the Department of Homeland Security, and is expected to be installed in the next couple months. The Green Proving Ground program for the United States General Services Administration, which operates approximately 1,800 federally owned buildings is proceeding well. A second unit will be commissioned and shipped in the coming months. The Company continues to build upon key milestones achieved in the prior year, the deployment and evaluation schedule continues to progress.

  • Progress continues with the City of New York's Department of Citywide Administrative Services (DCAS) IDEA program. The City of New York has closed its first round of bids for school projects, which includes the SmartGATE solution in the specification and the award is expected to result in bookings in the near future.

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