Electriq Power Announces Preliminary Q4 2023 Revenue Results
January 11 2024 - 8:00AM
Business Wire
Fourth quarter revenue represents 105%
year-over-year growth and recent contract signing pushes projected
Total Contract Value over $100M
Electriq Power Holdings, Inc. ("Electriq") (NYSE:ELIQ), a
trusted provider of intelligent energy storage and management
solutions for homes and small businesses, today announces
preliminary results for its fourth quarter and reiterates a revenue
range of $20M-$30M in 2024.
CEO Frank Magnotti, commented, “The demand for residential solar
and storage and for more independence from the electrical grid
remains strong. The approximate $1.3 million we expect to record in
sales for Q4 represents YoY growth of over 100% and a roughly 60%
sequential increase, including a 233% sequential increase in
Sustainable Community Networks (SCN), our third consecutive quarter
of incremental growth. Our current Power Purchase Agreements (PPA)
in our SCN, both signed and in-progress, paired with our expanded
relationships in Puerto Rico and Washington D.C., indicate that we
expect to achieve robust growth in 2024.”
Orders from new and existing partners continue to provide
Electriq with confidence and visibility, including the company’s
recently announced contract, allowing Electriq to launch SCNs in 10
Los Angeles County communities, covering a population of 400,000.
This new contract could generate an incremental $30M in Total
Contract Value (TCV), defined as the anticipated revenue we expect
to recognize over the next three years, starting in the current
period, based on assumed levels of participation in the
program.
The Company’s expectations for growth in 2024 are based on a
number of factors, including more than 160 signed PPAs via our
Sustainable Community Networks which could lead to approximately $5
million in revenue over the next two quarters, a $10 million
commitment from Sustainable Solutions developers to purchase
Electriq’s PowerPod 2 systems estimated to be recognized within
2024 and $100 million TCV estimated to be recognized over the next
three years. In addition, Electriq holds approximately $21 million
in finished inventory ready to deploy, and has $300 million in
solar + storage financing available for its California SCN programs
from a well-established clean-energy company.
About Electriq Power
Electriq (NYSE:ELIQ), founded in 2014 in the San Francisco Bay
Area, provides turnkey intelligent energy storage and management
solutions for homes and small businesses. Electriq’s solutions
deliver always-available, low-cost clean energy, even during
intermittent outages and inclement weather. Those solutions enable
cities, municipalities, and utilities to provide their constituents
with a path to sustainable and resilient sources of energy,
regardless of socio-economic status. For more information, visit
www.electriqpower.com.
Cautionary Note on Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words
such as “anticipate,” “believe,” “could,” “continue,” “estimate,”
“expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,”
“possible,” “potential,” “predict,” “project,” “scheduled,” “seek,”
“should,” “will,” “would” or similar expressions, but the absence
of these words does not mean that a statement is not
forward-looking. Forward-looking statements in this press release
include statements regarding: (i) expectations regarding the
continued demand for clean energy from our customers and energy
solutions providers, (ii) expectations regarding our SCN, (iii)
expectations regarding our results of operations, (iv) trends
relating to our PPAs, including the anticipation of growth
throughout 2024, (v) our recently announced contract, and (vi)
expectations regarding our 2024 cost structure and cash needs.
These statements are based on the beliefs and assumptions of
Electriq’s management. Although Electriq believes that its plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, Electriq cannot assure
you that it will achieve or realize these plans, intentions, or
expectations. Forward-looking statements are inherently subject to
risks, uncertainties, and assumptions. Generally, statements that
are not historical facts, including statements concerning possible
or assumed future actions, business strategies, events or results
of operations, and any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are forward
looking statements. These forward-looking statements are not
guarantees of performance. You should understand that these
statements are affected by factors set forth in Electriq’s filings
with the Securities and Exchange Commission (“SEC”), including but
not limited to those described under the headings “Risk Factors”
and “Cautionary Note Regarding Forward-Looking Statements” in
Electriq’s quarterly report on Form 10-Q for the quarter ended
September 30, 2023 filed with the SEC on November 14, 2023, and in
its other filings made with the SEC from time to time, which are
available via the SEC’s website at www.sec.gov. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Electriq assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise. Electriq does not give
any assurance that it will achieve its expectations.
In addition, this press release includes Electriq’s preliminary
financial results for the fiscal year ended December 31, 2023.
Electriq is currently in the process of finalizing its financial
results for the quarter and fiscal year ended December 31, 2023,
and the preliminary financial results presented in this press
release are based only upon preliminary information available to
Electriq as of January 11, 2024. Electriq’s preliminary financial
results should not be viewed as a substitute for audited financial
statements prepared in accordance with U.S. GAAP, and undue
reliance should not be placed on Electriq’s preliminary financial
results. In addition, items or events may be identified or occur
after the date of this press release due to the completion of
operational and financial closing procedures, final audit
adjustments and other developments may arise that would require
Electriq to make material adjustments to the preliminary financial
results included in this press release. Therefore, the preliminary
financial results included in this press release may differ,
perhaps materially, from the financial results that will be
reflected in Electriq’s audited consolidated financial statements
for the fiscal year ended December 31, 2023.
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