San Diego Business Journal

Envision Solar International Reports Net Loss of nearly $1M for Q1

Thursday, May 16, 2013

Envision Solar International Inc., a San Diego maker and designer of solar arrays, reported a first quarter net loss of about $1 million compared with a net loss of $984,000 for the like quarter of 2012.

Revenue for the quarter came in at about $156,000, compared with $309,000 for the like quarter last year.

Envision said it completed two large projects in the first quarter of last year. It also decided to focus on developing strategic partnerships with larger companies which has prolonged sales cycles.

In April, Envision completed the first solar tree array for a Cadillac dealership in Fremont. It also completed a $1.7 million equity financing round in February.

The company said it is in the process of completing a private placement sale of common stock and secured about $1.9 million in gross commitments.

CEO Desmond Wheatley gave an optimistic view of the latest report. “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,” he said. Wheatley said he was encouraged by the quality of companies Envision is talking to and the interest they are showing in its products.

— SDBJ Staff Report