SAN DIEGO, CA—(Marketwired – April 03, 2018) – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading renewably energized EV charging, outdoor media and energy security products company, today announced unaudited revenue results for the first quarter of 2018.
In the first 3 months of the year the Company achieved revenue of over $3 million, which represents the highest quarterly revenue in the Company's history. Q1 revenues also exceed the Company's previous annual revenue record of $2.78M and were almost ten times higher than revenues for the same period in 2017. Revenue was achieved through new and repeat orders of the Company's EV ARCâ¢ products from government and enterprise customers.
The Company is achieving consistently higher levels of backlog and pipeline through a combination of contributors including:
- 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 the existing products such as the introduction of emergency power panels on the EV ARCâ¢ product and the enabling of DC fast charging for electric buses and electric passenger cars without grid connections
The Company has been able to execute on higher volumes of business since successfully closing a working capital credit line as reported in Q4 of 2017.
“We are obviously very excited to have generated more revenue in this first quarter than in any previous full year in our history,” said Envision Solar CEO, Desmond Wheatley. “We are finally able to match accelerating sales demand with the working capital required to execute on the orders in a timely manner. I'm delighted and proud to see the team deliver excellence and I look forward to a very successful full year.”
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique products include the patented EV ARCâ¢, the patented Solar TreeÂ® and the patent pending EV–Standardâ¢ products, with EnvisionTrakâ¢ patented solar tracking, SunChargeâ¢ solar Electric Vehicle Charging, ARCâ¢ technology energy storage, and EnvisionMediaâ¢ solar advertising displays.
Based in San Diego the company employs combat veterans, disabled workers, minorities and other fine contributors to produce Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information visit www.envisionsolar.com or call (858) 799–4583.
This 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.