Here’s the release. Call is tomorrow at 4:30 pm. Looks to me like they delivered what they promised. Stock was up 5% after hours.
Here are the first bullet points from the release.
- Record full year revenues of $67.4 million, 206% year over year increase
- Record Q4 revenues of $20.0 million, 154% year over year increase and highest quarterly revenue in the company’s history
- Record full year EV ARC™ system production, 194% year over year increase
- Positive full-year gross profit – an improvement of 9% as a percentage of revenue over 2022
- Debt free and $100 million line of credit available and unused
- Current pipeline $150 million, backlog of $22 million at December 31, 2023
The rest of the highlights are things they’ve announced in press releases across the year.
Still a net loss for the year (expected) but gross profit. Here’s the paragraph on them getting to a positive gross profit for both Q4 and FY2023:
Gross Profit
Gross profit for the quarter ended December 31, 2023 was $0.4 million, or 2% of sales, compared to a gross loss of $0.7 million, or 9% of sales in the fourth quarter of the prior year. As a percentage of sales, our gross profit improved by 11%.For the year ended December 31, 2023, our gross profit was $1.2 million, or 2% of sales, compared to a gross loss of $1.7 million, or 7% of sales in 2022. As a percentage of sales, the full year margin improved by 9%. Excluding non-cash intangible amortization from the 2023 gross margin, increases gross profits to $2.1 million. The improvement in gross margin is primarily due to the increase in production levels compared to the prior year which resulted in favorable fixed overhead absorption, as well as cost savings from engineering design changes, labor efficiencies and reduction in material costs.
I’ll be interested in the call tomorrow afternoon.
JabbokRiver
Long $BEEM, 10%