Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading renewably energized EV charging, outdoor media and energy security products company, released 2016 earnings on Friday, March 31st, 2017. The results include the Company’s 3rd year of increasing revenues in a row.
2016 revenue was approximately $2.8M compared with $2.6M in 2015. The company was successful in reducing product specific costs on record deliveries though an increase in fixed overheads, largely caused by moving to a larger and better equipped factory location, resulted in a GAAP gross profit loss. Management believes that a continued increase in sales volume will reduce the fixed overhead burdens for each product sufficient to result in positive gross margins. During 2016 and the subsequent period management has also retired over $1M in historic debt which was a legacy from the Company’s pre-public operations.
“We are executing on our plan,” said Desmond Wheatley, CEO of Envision Solar. “The growth markets we address are recognizing the unique value in our products and we are seeing increased sales year after year. I believe that we are very well positioned to see increasing and accelerating growth in 2017.”
The Company’s results will be available on its website, http://www.envisionsolar.com.
