Envision Solar Announces Record 2018 Revenues of $6.2 Million, A 336% Increase Over 2017
SAN DIEGO, CALIF. – March 20th, 2019 – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading producer of unique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media released financial results for the full year of 2018 today.
The Company achieved record revenue of approximately $6.2 million, a 336% increase over the prior year and higher than any full year in the Company’s history. 90 units were delivered in 2018, a 275% increase over 2017. Revenue was achieved through new and repeat customer orders of the Company’s EV ARC™ products from government and enterprise customers.
While revenues increased by 336%, operating expenses increased by only 5% from $2.2 million in 2017 to $2.3 million in 2018.
Current contracted backlog is approximately $4.4 million which the Company expects to convert to revenue in the first half of 2019. The Company has a record high qualified pipeline of new business that exceeds $27 million.
The Company is achieving consistently higher levels of backlog and pipeline through a combination of contributing factors including:
- Record numbers of units shipped in 2018
- 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 our 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
Due to the late timing of delivery on $1.2 million in revenue which the Company had previously anticipated in the fourth quarter of 2018 but which will now be recognized in the first half of 2019, the Company reported a modest gross loss of $192,000 for the full year, a 59% improvement over the prior year. However, 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.
The Company anticipates that continued growth in sales and production will result in sufficient revenues to generate gross profit margins. Increased gross profit margins are being driven by further reductions in costs of goods sold as a result of increased efficiencies and improved pricing of materials integrated into the Company’s products.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique and patented products include the EV ARC™ and the Solar Tree® 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 produces Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information visit www.envisionsolar.com, call (858) 799-4583. Follow us on social to keep up with the latest news: Facebook, Twitter, Instagram, and YouTube.
This, Envision Solar International, Inc., 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.