Earnings Review and Free Research Report: EnSync’s Revenue Rocketed 138.2%
LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on EnSync, Inc. (NYSE AMER: ESNC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ESNC, following the Company's release of its financial results on September 20, 2017, for the fourth quarter fiscal 2017. The Company's revenue beat market estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For three months ended June 30, 2017, EnSync's total revenue increased 138.2% to $3.05 million from $1.28 million in Q4 FY16. The increase in revenue was primarily due to the company's shift to a PPA-based sales model where the company sold 12 PPA projects for a total of $17.2 million. During Q4 FY17, the Company's backlog increased 125% to $13.0 million on a y-o-y basis. Total revenue surpassed analysts' expectations of $1.58 million.
During FY17, the Company's total revenue increased 494.7% to $12.49 million from $2.10 million in FY16.
During Q4 FY17, EnSync's advanced engineering and development (AE&D) expenses increased 17.5% to $1.34 million from $1.14 million in Q4 FY16. For the reported quarter, the Company's selling, general, and administrative (SG&A) expenses increased 20.3% to $2.78 million from $2.31 million in Q4 FY16. For the reported quarter, the Company's depreciation and amortization (D&A) expenses decreased 51.9% to $97,293 from $202,685 in Q4 FY16. During Q4 FY17, the Company's total cost and expenses were $7.09 million compared to $6.98 million in Q4 FY16.
During Q4 FY17, EnSync's operating loss was $4.04 million compared to operating loss of $5.69 million in Q4 FY16. During FY17, EnSync's operating loss was $17.52 million compared to operating loss of $18.01 million in FY16.
During Q4 FY17, EnSync's net income was $9.28 million compared to net loss of $5.73 million in Q4 FY16. During Q4 FY17, EnSync's diluted EPS was $0.19 compared to negative diluted EPS of $0.12 in Q4 FY16.
During FY2017, EnSync's net loss was $4.09 million compared to net loss of 17.88 million in Q4 FY16. During Q4 FY17, EnSync's diluted EPS was negative $0.09 compared to negative diluted EPS of $0.39 in Q4 FY16.
During Q4 FY17, the Company shifted DER system to the Alliance for Sustainable Colorado and a Matrix Energy Management system to the Chemehuevi Native American tribe's community center in San Bernardino County, California as part of a DER system.
Segment Results
During Q4 FY17, the Company's product sales revenue increased 158.4% to $3.05 million from $1.18 million in Q4 FY16. For the reported quarter, the Company's cost of product sales decreased 6.7% to $2.88 million from $3.09 million in Q4 FY16.
Balance Sheet
As on June 30, 2017, EnSync's cash and cash equivalents decreased 31.4% to $11.78 million from $17.19 million in Q4 FY16.
During Q4 FY17, the Company's net accounts receivable increased 172.1% to $469,906 from $172,633 in Q4 FY16.
For the reported quarter, EnSync's net inventories increased 32.6% to $2.48 million from $1.87 million in Q4 FY16.
For the reported quarter, the Company's accounts payable decreased 14.4% to $487,185 from $569,226 in Q4 FY16.
During Q4 FY17, EnSync's long-term debt, net of current maturities, decreased 30.1% to $740,586 from $1.06 million in Q4 FY16.
During FY17, the Company's cash provided by operating activities was negative $7.21 million compared to negative $12.89 million in FY16.
Stock Performance
On Wednesday, October 04, 2017, the stock closed the trading session at $0.52, climbing 1.15% from its previous closing price of $0.51. A total volume of 111.95 thousand shares have exchanged hands. EnSync's stock price soared 26.83% in the last one month and 45.66% in the past three months. The stock currently has a market cap of $28.68 million.
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