checkAd

SHARC Energy Announces Fourth Quarter and Fiscal Year 2020 Financial Results

Nachrichtenquelle: globenewswire
30.04.2021, 01:15  |  265   |   |   

VANCOUVER, British Columbia, April 29, 2021 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) announces it has filed its financial results for the fourth quarter and fiscal year ended December 31, 2020. For complete financial information for the fourth quarter and fiscal year ended December 31, 2020, please see the Audited Consolidated Financial Statements and Management Discussion and Analysis filed on SEDAR at www.sedar.com. All figures are in Canadian Dollars unless otherwise stated and in accordance with IFRS.

Fourth Quarter and Fiscal Year Highlights:

  • Revenue for the three months ended December 31, 2020 (“Q4 2020”) and year ended December 31, 2020 (“Fiscal 2020”) was $0.04M and $0.63M, respectively, representing an increase of $0.02M and $0.49M from the three months ended December 31, 2019 (“Q4 2019”) and year ended December 31, 2020 (“Fiscal 2019”).

  • Loss from continuing operations for Q4 2020 is $0.95M compared to $0.62M for Q4 2019, an increase of $0.33M. Loss from continuing operations for Fiscal 2020 is $2.89M compared to $3.29M for YTD 2019, a decrease of $0.4M.

  • Adjusted EBITDA1 Loss of $0.55M in Q4 2020 compared to $0.58M in Q4 2019, a decrease of $0.03M and $1.86M in Fiscal 2020 compared to $2.23M in Fiscal 2019, a decrease of 0.37M.

  • As of April 29, 2021, the Company has Sales Pipeline2 of $2.76M and Sales Order Backlog3 of $1.24M.

  • The Company has $3.3M of working capital as of December 31, 2020.

Fiscal 2020 Highlights and Subsequent Events

  • $11.13 Million (M) raised through capital markets and security exercises. Since the beginning of 2020 to current day, the Company raised $4.74M (gross) through the issuance of 2% convertible debt, $4.1M through non-brokered equity and equity unit private placements and $2.29M through the exercise of stock options and warrants.
  • Convertible Debt Settlement. On May 29, 2020, the Company settled with all holders (“Debenture holders”) of the Company’s $1.3M and $1M 12% unsecured, convertible debentures which were set to mature on May 30, 2020 and June 29, 2020 (the “Maturing Debentures”). This resulted in a gain on debt settlement of $0.59M.
  • Significant Growth of Representative Network. The Company revamped its distribution network for SHARC Energy products in 2020 by adding 10 manufacturer representatives (“Representative” or “Rep”) that provide the Company sales coverage across most Canadian provinces and American states. As at December 31, 2020, 75% of deals in our pipeline will be fulfilled through these Representatives.
  • Successful Incubatenergy Labs Challenge. On October 14th, 2020, utilities, municipalities and private sector investors in the United States were shown results achieved during a three-month demonstration of the PIRANHA HC at the Electrical Power Research Institute (“EPRI”) sponsored Incubatenergy Labs and Ameren Accelerator Demo Day. Key results of the demonstration included:
    • 61 per cent energy savings reported by building management.
    • 99 per cent GHG reduction from gas boiler use.
    • Production of 100% of the hot water at 140°F, completely offsetting the use of gas boilers.
    • An average Co-efficiency of Performance (“COP”) for hot-water production of over 3.5 over the project term and peak COP of over 5.
  • National Western Center. The National Western Center is pioneering the largest scale wastewater district-energy innovation in North America to date. The National Western Center will rely on two SHARC wastewater recovery systems placed in the heart of its 3.8-megawatt (MW) district energy system, creating a low-carbon campus that is sustainable and regenerative. The first phase of development is expected to recover the thermal energy from 3,000 gallons of wastewater that would otherwise be wasted and go down the drain every minute which will prevent 2,600 metric tons of carbon dioxide from being emitted into the atmosphere.
    Seite 1 von 3
    Sharc International Systems Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de





0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

SHARC Energy Announces Fourth Quarter and Fiscal Year 2020 Financial Results VANCOUVER, British Columbia, April 29, 2021 (GLOBE NEWSWIRE) - SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) announces it has filed its financial results for the fourth quarter and fiscal …

Community

Nachrichten des Autors

Titel
Titel
Titel
Titel