| SAN DIEGO, CALIF. – November 15th, 2018 – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading producer ofunique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, released financial results for the third quarter and year to date, 2018 on Wednesday.
In the third quarter of 2018, the Company achieved revenue of $938,218, a 316% increase over the same period in 2017 and the highest third quarter revenue in the Company’s history. Third quarter gross profits increased by 574% over the same period in 2017. The Company has achieved YTD revenues of $4.7M, a 322% increase over 2017 and higher than any full year in the Company’s history. YTD gross profits increased 470% 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, second and third quarters, continuing a trend of increasing gross profitability at higher 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 is just under $6 million. The Company expects to convert all current backlog to revenue in 2018 and Q1 of 2019 and has a strong qualified pipeline of new business that exceeds $27 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 and start 2019 strong,” said Envision Solar CEO, Desmond Wheatley. “Our operating expenses are the same as they were a year ago, but our revenue is up 322%. I’m thrilled with the great work from the team and the great opportunity for more operating leverage and continued growth.”
Operating expenses for the YTD 2018, including stock-based compensation expenses, were just over $1.7M, essentially which represents no material increase over the same period in 2017. |
