- Legend Power Systems (TSXV:LPS) announced its financial results for Q1 of fiscal year 2025, ending December 31, 2024
- Q1 F2025 revenue was C$82,000, a significant increase from C$2,000 in Q1 F2024
- The company engaged with a major North American transport agency to address power quality and energy efficiency challenges at one of the United States’ 10 largest airports
- Legend Power Systems stock (TSXV:LPS) last traded at $0.19
Legend Power Systems (TSXV:LPS) announced its financial results for Q1 of fiscal year 2025, ending December 31, 2024.
Q1 F2025 highlights
- Revenue: C$82,000, a significant increase from C$2,000 in Q1 F2024.
- Net loss: C$1.03 million, slightly improved from a C$1.08 million loss in Q1 F2024.
- Cash position: C$661,000 with no debt and C$939,000 in working capital as of December 31, 2024.
“The first quarter of 2025 marks a pivotal moment for Legend Power Systems as we build on the momentum generated over the past year. Building owners require their facilities to operate optimally at all times, and SmartGATE has proven its ability to enhance reliability and efficiency,” Randy Buchamer, CEO of Legend Power Systems, stated in a news release. “Business optimization has been underway to prepare for excess throughput to meet growing demand as the Company transitions from tens of SmartGATEs per year to hundreds and thousands to solve energy challenges and enhance operational stability across a wide range of applications including commercial real estate, education, government, and military infrastructure. With the successful financing post quarter end strengthening our balance sheet, we are now focused on scaling deployments with key partners to drive sustainable growth for years to come.”
Operational highlights
- Closed the first tranche of a non-brokered private placement, raising C$762,000 to increase liquidity and provide working capital.
- Expanded collaboration with utilities and Energy Service Companies (ESCOs), enhancing SmartGATE’s reach into large-scale energy efficiency and infrastructure projects.
- Progressed the Green Proving Ground program with the United States General Services Administration, with two test sites selected and the first unit shipped for installation.
Events after Q1 F2025
- Closed the second tranche of a non-brokered private placement, raising an additional C$851,000, bringing total financing to C$1.6 million.
- Signed a sales, distribution, and installation partnership in New York City with Unity Electric, an Equans Company.
- Engaged with a major North American transport agency to address power quality and energy efficiency challenges at one of the United States’ 10 largest airports.
Financial summary
Gross margin: C$11,946 in Q1 F2025, compared to -C$21,116 in Q1 F2024, reflecting improved cost management.
Operating expenses: C$1,041,286 in Q1 F2025, down fromC $1,069,588 in Q1 F2024, due to lower salaries and consulting costs from internal cost-cutting measures.
Net loss: C$1,032,881 in Q1 F2025, compared to C$1,081,490 in Q1 F2024, driven by higher gross margins and cost-cutting measures.
About Legend Power Systems
A developer of commercial electrical system solutions, Legend Power Systems Inc. focuses on scaling deployments and driving sustainable growth through strategic partnerships and innovative solutions in the commercial electrical systems market.
Legend Power Systems stock (TSXV:LPS) last traded at $0.19.
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(Top image via Legend Power Systems.)