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Legend Power Systems Inc. reports developments tied to its commercial electrical system solutions and intelligent energy management platform. The company’s SmartGATE active power management system and SmartGATE Insights Power Impact Assessment are used for commercial buildings, where they address power quality, energy consumption, equipment life and power costs.
Recurring updates include quarterly and fiscal financial results, SmartGATE installations and commissioning activity, sales-channel partnerships, participation in building-technology evaluation programs, equity incentive grants and executive or corporate-secretary appointments.
Legend Power Systems Inc. (TSXV: LPS) (OTCQB: LPSIF), a leader in commercial electrical system solutions, has announced the release date for its Q3 2024 financial results. The company will publish its results for the nine months ended June 30, 2024, before the market opens on Friday, August 23, 2024. Additionally, Legend Power has scheduled a webinar for the same day at 11:00 AM ET (8:00 AM PT) to provide a business update and discuss the financial results.
The webinar will be hosted by Randy Buchamer, President and CEO of Legend Power. Interested parties can register in advance for the webinar, and a replay will be available on the company's website afterward.
Legend Power Systems has announced its largest order commitment in its history, securing a Letter of Intent (LOI) for 10 SmartGATE systems from the United States Department of Defense (US DoD). This deal is valued at nearly $3 million CAD. Combined with a previous order from the City of New York Public School System, the total bookings for the quarter exceed $3 million CAD. The DoD's key motivation is to improve facility operations due to power volatility issues affecting critical systems such as HVAC and refrigeration. The CEO of Legend Power Systems, Randy Buchamer, indicated that this order could lead to further opportunities with the DoD and other federal entities. This deal follows over 24 months of effort and extensive testing, validating the company's active power management solutions.
On June 27, 2024, Legend Power Systems (TSXV: LPS) announced several key milestones, including receiving its first 4000 amp Gen3 SmartGATE system order for a new school in New York City, processed through a switchgear manufacturer. This indicates significant market expansion beyond the public sector. Additionally, the US Federal Government has begun installing SmartGATE systems at a Department of Homeland Security border facility and a large federal office in Washington DC. These developments are complemented by recent deliveries of four SmartGATE systems to a school system in New Mexico via a major ESCO performance contracting firm.
Legend Power Systems emphasizes that these orders and installations result from years of effort and highlight the potential for substantial growth within the public and federal sectors. This follows their record order bookings of over $2.5 million last quarter, driven by private commercial real estate and an increase in recurring revenue.
Legend Power Systems reported its Q2 F2024 financial results, demonstrating an improvement in several key metrics compared to Q2 F2023. The company achieved a revenue increase to $124K from $74K, a 67% rise. The net loss decreased to $907K from $1.19M, and adjusted EBITDA loss improved to $811K from $1.04M. Gross margin turned positive to 46%, compared to the previous negative margin of 7%. Operating expenses dropped by 19% due to effective cost-cutting measures. As of March 31, 2024, Legend Power holds $515K in cash, $1.9M in working capital, and no debt. Operationally, the company has made significant strides with US Federal Government and NYC projects, and continues to build a strong sales pipeline.
Legend Power Systems (LPSIF) has announced the release of its Q2 2024 financial results for the period ending March 31, 2024. The results will be made public before market opening on Friday, May 24, 2024. Additionally, the company will hold a webinar on the same day at 11:00 AM ET (8:00 AM PT) to provide a business update and discuss the financial results. The webinar, hosted by CEO Randy Buchamer, will be available for replay on the company's website.
Legend Power Systems (TSXV: LPS) announces the upgrade of the first Ontario School Board's SmartGATE technology, valued at $100,000 and co-funded by IESO incentives. This upgrade offers up to 40% coverage of costs and includes new features for increased energy savings, GHG emissions reductions, and power quality improvements. The decision to upgrade was driven by concerns over grid reliability and volatility, leading to discussions with other school boards for similar upgrades.
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