Legend Power Systems Reports Q3 F2024 Financial Results

Newsfile Corp.
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Conference Call Scheduled for August 23, 2024 at 11am EST

Vancouver, British Columbia--(Newsfile Corp. - August 22, 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 June 30, 2024 ("Q3 F2024"). The Company has also scheduled a conference call to provide a business update to discuss its Q3 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.

Q3 F2024 Highlights

  • Revenue of $1.04 million versus $470 thousand in Q3 F2023

  • Adjusted EBITDA loss of $392 thousand versus a $884 thousand loss in Q3 F2023

  • Net loss of $482 thousand versus a $1.02 million loss in Q3 F2023

  • Cash of $806 thousand, no debt, and $1.5 million in working capital at June 30, 2024

"The third quarter of fiscal 2024 illustrated several key milestones we have been talking about over the last few quarters," said Randy Buchamer, Legend Power Systems CEO. "These include, gross margin improvement to 50% illustrating the power of our financial model, initial orders and deliveries of our Gen3 systems and an LOI for another $3 million from the DOD, bringing order visibility to $5.5 million over the last few quarters. 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 have the funds necessary to execute on our business model. I look forward to being able to update investors as additional deals are finalized in the coming quarters."

Q3 F2024 Operational Highlights

  • 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. The first order from DCAS was received during the quarter, with the expectation of additional orders to follow.

  • The second site for the Green Proving Ground program for the United States General Services Administration has been selected, which operates approximately 1,800 federally owned buildings is proceeding well. This 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.

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