Interim Financial Statements and MD&A SEDAR Filings for the first quarter ended December 31, 2020: Braille Energy Systems Inc. Profile (sedar.com)
Financial Highlights (all amounts in Canadian dollars):
- Revenue increased 12.8% from the year-ago period.
- Company plans to achieve breakeven by the end of calendar year 2021.
- Net loss of $67,544, compared to a net loss of $199,581 in the year-ago period.
- Subsequent to the end of the quarter, BESI generated $3.5M from the exercise of options and warrants adding leverage to foster the Company's growth initiatives and fund current production expansion plans.
OTTAWA, ON / ACCESSWIRE / March 23, 2021 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSX-V:BES) ("BESI" or the "Company"), today reported revenue of $755,270 for the first quarter ended December 31, 2020, an increase of 12.8% compared to the first quarter of fiscal year 2019. First-quarter net loss was $67,544, or $0.001 per share. This compares to a net loss of $199,581, or $0.004 per share, in the first quarter of fiscal year 2019.
"BESI continues to deliver improved year-over-year financial results; we are well positioned as the company continues to expand its customer base and distribution channels. We continue to receive strong interest around our newly developed Cold Weather Tested F31 Fleet-Lite Lithium Commercial Trucking Battery" said BESI President and CEO, Lindsay Weatherdon. "Additionally, we have the working capital to fund our plant expansion to meet our growth objectives for this year and beyond as we target breakeven for Calendar Year '21."
About Braille Energy Systems Inc.
Braille Energy Systems Inc. holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery-manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Braille Energy Systems (BESI) will expand its market penetration into a wider range of market segments that require lightweight, high-performing energy solutions, using the most scientifically advanced materials. For additional information about BESI and Braille Battery products, please visit our website at: www.brailleenergysystemsinc.com or www.braillebattery.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Braille Energy Systems Inc. Investor Contacts:
Scott Anderson
Investor Relations
(858) 229-7063
sanderson@nextcap-ir.com
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@mincomcapital.com
SOURCE: Braille Energy Systems Inc.
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https://www.accesswire.com/637040/Braille-Energy-Systems-Inc-Reports-First-Quarter-Fiscal-Year-2021-Financial-Results
