Electriq Power Provides Financial Update; Anticipates 2024 Revenue Of $20M- $30M Based On Signed PPAs And Commitments Through 2H 2023

Author: Benzinga Newsdesk | December 14, 2023 10:08am

Anticipates 2024 Revenue of $20M- $30M Based on Signed PPAs and Commitments through 2H 2023

Electriq Power Holdings, Inc. ("Electriq") ((ELIQ), a trusted provider of intelligent energy storage and management solutions for homes and small businesses, today provides a company update and initial revenue guidance for full-year 2024.

Company Updates:

• Approximately $5 million in revenue backlog from over 160 Power Purchase Agreements (PPA) signed via Sustainable Community Networks ("SCN")
• Approximately $10 million commitment from Sustainable Solutions developers to purchase Electriq's PowerPod 2 systems with expansion in Puerto Rico and Washington D.C. in 2024 announced in September
• Signed partnership agreement with solar sales and installation company to fuel homeowner PPA signups and system installations
• Cost reductions implemented in 2H 2023 expected to extend the Company's cash runway and increase Adjusted EBITDA margins in 2024
• Closed previously announced extinguishment of company obligations under restrictive forward purchase agreement with Meteora through equity issuance

Outlook:

The Company is providing full-year 2024 revenue guidance range based upon currently executed agreements and expectations:

2024 Revenue Range              $20 million - $30 million

Frank Magnotti, CEO of Electriq Power, commented, "As a pioneer in residential battery storage systems, we passionately believe in distributed energy storage solutions to shape our world's environmental and economic future through equitable offerings. With an integrated solution and differentiated go-to-market strategy, we are creating value for our shareholders and a brighter, more sustainable future for all. With the visibility into our backlog and path to profitability, it is now time to execute our 2024 plan."

Petrina Thomson, CFO of Electriq Power, commented, "We continue to execute well on our business plan, partnering with local governments such as recent announcements of Apple Valley, California and Derby, Connecticut, in our Sustainable Community Networks to secure PPAs with homeowners in those communities. With nearly $5 million of backlog in our SCNs and over $10 million in purchase commitments from our partners Barrio Electrico in Puerto Rico and SEDC Solar in Washington D.C., we have sufficient visibility to provide details on our financial objectives for full year 2024. We are well positioned to achieve a year of robust top-line growth in 2024, while simultaneously driving our margins higher towards our long-term operating targets, both through scale and cost reduction initiatives."

Posted In: ELIQ