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01/10 16:00
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects several negative factors: increased operating and net losses, declining cash reserves, and dependence on key projects with potential risks. Although revenue has increased, gross margins have decreased significantly. The Q&A section highlights concerns about unclear management responses and execution issues. These negative financial indicators and uncertainties outweigh the positive aspects, such as revenue growth and future plans. Given these factors, a negative stock price reaction is expected over the next two weeks.
Revenue (Q3 2025) $6.9 million, an increase of 7.4% year-over-year, driven primarily by the increase in service sales from the Critical Power Solutions business.
Year-to-date Revenue (2025) $22 million, up 68% compared to the same 9-month period last year, driven primarily by demand for e-Boost Mobile charging solutions.
Gross Profit (Q3 2025) $640,000 or a gross margin of approximately 9%, compared to a gross profit of $1.5 million or a gross margin of approximately 20% in Q3 2024. The decrease in gross profit was primarily attributable to an unfavorable sales mix.
Operating Loss from Continuing Operations (Q3 2025) $1.4 million, compared to an operating loss of $714,000 in Q3 2024.
Non-GAAP Operating Loss from Continuing Operations (Q3 2025) $196,000, compared to a non-GAAP operating income of $865,000 in Q3 2024.
Net Loss from Continuing Operations (Q3 2025) $1.8 million, compared to a net loss of $738,000 in Q3 2024.
Cash on Hand (as of September 30, 2025) $17.3 million, compared to $41.6 million as of December 31, 2024. The decrease was primarily due to the payment of a onetime special cash dividend of $16.7 million in January and federal and state income taxes totaling approximately $4 million during Q2 2025.
Working Capital (as of September 30, 2025) $22.8 million, compared to $26.7 million as of December 31, 2024.
e-Boost Mobile charging solutions: Year-to-date revenue reached $22 million, up 68% compared to the same period last year, driven by demand for e-Boost Mobile charging solutions. Delivered 5 e-Boost units for a $1.3 million school district project, highlighting fleet electrification capabilities.
PowerCore (formerly HOMe-Boost): Rebranded HOMe-Boost as PowerCore, a scalable power platform integrating natural gas power generation and fast DC charging. Launch scheduled for December 17, 2025, targeting residential, light commercial, and resilience-demanding markets.
Fleet electrification: Delivered e-Boost Mobile Open Flex unit to Portland and received a $725,000 order from Long Beach for an e-Boost Mobile Stretch unit. Secured follow-up orders from a major online retailer and SparkCharge, indicating strong demand.
Distributed power market: Expanded into distributed power with $700,000 in Q3 deliveries and $750,000 in new orders. Introduced a scalable 1.25-megawatt natural gas-fired power solution targeting data centers, industrials, universities, and hospitals.
International EV markets: Engaging with international EV markets through an e-Boost franchise model, leveraging engineering expertise to support local partners and generate revenue from licensing and technology transfer.
Revenue growth: Q3 revenue increased by 7.4% year-over-year to $6.9 million, driven by service sales in the critical power business. Year-to-date revenue reached $22 million, up 68% from the prior year.
Financial performance: Gross profit decreased to $640,000 (9% margin) from $1.5 million (20% margin) due to unfavorable sales mix. Operating loss from continuing operations was $1.4 million, compared to $714,000 in the prior year.
Product diversification: Broadened product portfolio with PowerCore and scalable distributed power solutions, targeting new markets like data centers and resilience-demanding sectors.
Strategic alliances: Formed partnerships in international EV markets to accelerate EV adoption and create additional revenue streams through licensing and technology transfer.
Gross Profit Margin Decline: The gross profit margin decreased significantly from 20% in Q3 2024 to 9% in Q3 2025, primarily due to an unfavorable sales mix. This decline could impact the company's profitability and financial stability.
Operating Loss Increase: The operating loss from continuing operations increased from $714,000 in Q3 2024 to $1.4 million in Q3 2025, indicating higher operational inefficiencies or increased costs.
Net Loss Increase: Net loss from continuing operations rose from $738,000 in Q3 2024 to $1.8 million in Q3 2025, reflecting worsening financial performance.
Cash Reserves Decline: Cash on hand decreased from $41.6 million at the end of 2024 to $17.3 million as of September 30, 2025, primarily due to a one-time special cash dividend and tax payments. This reduction in liquidity could constrain future investments or operations.
Dependence on Key Projects: The company's growth heavily relies on large projects like the e-Boost units for school districts and cities. Any delays or cancellations in these projects could adversely affect revenue and growth projections.
Market and Competitive Risks: The company is expanding into new markets like distributed power and international EV markets. These ventures carry risks related to market acceptance, competition, and execution.
Supply Chain and Production Risks: The company’s ability to deliver complex, custom solutions like the e-Boost and PowerCore units depends on efficient supply chain and production processes. Disruptions could delay deliveries and impact customer satisfaction.
Economic and Regulatory Risks: The company’s reliance on policies and incentives for EV adoption in international markets exposes it to risks from changes in economic conditions or regulatory frameworks.
Revenue Guidance for 2025: The company reaffirms its full-year 2025 revenue guidance of $27 million to $29 million, representing approximately 20% year-over-year growth.
Growth Expectations for 2026: The company anticipates accelerated growth in 2026, supported by a robust project pipeline and continued investment in product development.
Distributed Power Market Expansion: The company plans to expand its focus on the distributed power market, introducing a pre-engineered scalable power block system designed for large data centers, industrials, universities, and hospitals. This 1.25-megawatt natural gas-fired system is expected to launch by the end of 2025.
PowerCore Product Launch: The rebranded HOMe-Boost, now called PowerCore, is scheduled to launch on December 17, 2025. This product is positioned as a scalable, always-on power platform aimed at residential, light commercial, and resilience-demanding markets.
International Market Engagement: The company is actively engaging with international EV markets through an e-Boost franchise model, aiming to leverage its engineering expertise to support local partners and generate additional revenue streams.
Special Cash Dividend: A one-time special cash dividend of $16.7 million was paid in January 2025.
The earnings call reflects several negative factors: increased operating and net losses, declining cash reserves, and dependence on key projects with potential risks. Although revenue has increased, gross margins have decreased significantly. The Q&A section highlights concerns about unclear management responses and execution issues. These negative financial indicators and uncertainties outweigh the positive aspects, such as revenue growth and future plans. Given these factors, a negative stock price reaction is expected over the next two weeks.
The earnings call presents mixed signals: strong financial metrics with improved operating income and reduced net loss, but concerns arise from a significant backlog decline and cash reduction. The Q&A reveals management's unclear responses on key issues like order rollouts and launch delays, adding uncertainty. The reaffirmed revenue guidance and potential market expansion are positives, but no immediate catalysts for a strong stock price move exist. Given these mixed factors and the absence of a market cap, a neutral sentiment is appropriate, suggesting limited short-term stock price movement.
The earnings call indicates challenges: increased competition, higher production costs, and widening operating losses, despite revenue growth. The cash decrease due to a special dividend and lack of a share repurchase program further dampen sentiment. The Q&A reveals uncertainties around margin recovery and HomeBoost's revenue impact, with management's evasive responses. Although there's potential demand for EV solutions, regulatory hurdles and unclear guidance on future growth contribute to a negative outlook.
The earnings call reflects mixed signals. Positive aspects include a significant backlog increase and revenue growth. However, the company faces competitive pressures, higher initial production costs, and increased operating losses. The Q&A section reveals uncertainties about margin recovery and future product focus. Despite a special cash dividend, the absence of a share buyback program and cash decrease are concerning. Overall, the financial performance and strategic outlook are mixed, leading to a neutral sentiment.
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