Envision Solar revenue down nearly 50 percent in 1Q 2013

By Editor


Greentech Lead America: Envision Solar, a manufacturer and designer of renewable energy systems, has earned net revenues of $155,528 for the three months ended March 31, 2013 compared to $308,715 in the comparable period in the prior year.

Envision Solar reached a major milestone in the quarter with the successful installation of the first Cadillac branded solar tree. The company also completed two large projects in the first quarter of 2012. Additionally, the Company’s decision to focus on developing strategic relationships with larger customers resulted in elongated sales cycles for the first quarter of 2013.

Net loss and net loss per share were $1,045,767 and $0.02 in the first quarter of 2013 compared to $983,959 and $0.02 in the same period in 2012, respectively. The weighted average shares outstanding increased from 49,766,483 to 64,091,372 in 2013.

The Company is in the process of completing a private placement sale of its common stock to accredited investors. As of May 14, 2013, the Company has secured approximately $1.9 million of gross commitments.

In April 2013, the Company attended the Cadillac national dealership convention in Las Vegas. Envision Solar was the only solar company invited to participate in the highly exclusive event.

The Company continues to have active discussions with several customers to secure new orders and installations. In addition to General Motors and Horizon Energy, Envision Solar is engaged in advanced discussions with several large corporate clients to install Envision’s proprietary Solar Tree.

“Due to the nascent nature of the solar structures industry and the extensive planning involved in determining the optimal implementation strategy for each client, our sales will fluctuate from quarter to quarter,” Wheatley added.

“Nevertheless, we are extremely encouraged with the quality of the companies we are talking to and the high level of interest that senior executives at these Fortune 500 companies have expressed in our products,” Wheatley added.

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