Envision Solar Announces Record Q2 and First Half Revenues and Positive Gross Margins
FH Revenues Exceed Previous Best Annual Revenues
SAN DIEGO, CALIF. – August 16th, 2018 – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading renewably energized EV charging, outdoor media and energy security products company, released financial results for the second quarter, first half of 2018 on Tuesday.
In the second quarter of 2018, the Company achieved revenue of $844,495 a 66% increase over the same period in 2017 and the highest second quarter revenue in the Company’s history. Second quarter gross profits increased by 243% over the same period in 2017. The Company achieved FH revenues of $3.7M, a 324% increase over 2017 and higher than any full year in the Company’s history. FH gross profits increased 413% over the same period in 2017. Revenue was achieved through new and repeat customer orders of the Company’s EV ARC™ products from government and enterprise customers.
The Company achieved a gross profit during the first and second quarters, confirming that positive gross profits are achievable at increased sales volumes. Excluding overheads, the direct costs for labor and materials for the Company’s flagship EV ARC™ product are significantly lower than the selling price in most cases.
Current contracted backlog exceeds $3 million. The Company expects to convert all current backlog to revenue in 2018 and has a strong qualified pipeline of new business that exceeds $10 million.
The Company is achieving consistently higher levels of backlog and pipeline through a combination of contributors including:
Record numbers of units shipped YTD
- Follow-on orders from existing customers
- Improvements in the Company’s selling and marketing activities
- Increased interest from municipal, state and federal customers
- Increases in the adoption of electric vehicles
- Increased legislation and government mandates favoring electrified transportation
- Additional value stacking on the existing products such as the introduction of emergency power panels on the EV ARC™ product and the enabling of DC fast charging for electric buses and electric passenger cars without grid connections
“We have had another record quarter with gross profitability and we have sufficient backlog to continue our best year ever,” said Envision Solar CEO, Desmond Wheatley. “The whole team is executing from sales through manufacturing to deliveries and we keep getting more orders from top quality customers. We are executing on our plan and the markets we serve continue to show robust growth which we are tracking.”
Operating expenses for the first half of 2018, including stock-based compensation expenses, were under $1.2M, a 3% decrease over the same period in 2017.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique products include the patented EV ARC™, the patented Solar Tree® and the patent pending EV-Standard™ products, with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage, and EnvisionMedia™ solar advertising displays.
Based in San Diego the company employs combat veterans, disabled workers, minorities and other fine contributors to produce Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information visit www.envisionsolar.com or call (858) 799-4583.
This Press Release may contain forward-looking statements regarding future events or our expected future results that are subject to inherent risks and uncertainties. All statements in this Report other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. Statements contemplating or making assumptions regarding actual or potential sales, market size, and demand, prospective business contracts, customer orders, trends or operating results also constitute forward-looking statements. Our actual results may differ substantially from those indicated in forwarding looking statements because our business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our operating results, financial condition, and business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for our prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for solar energy, a lack of profitability, a decline in our stock price, and other risks. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Current results and trends are not necessarily indicative of future results that we may achieve.