Click Here for Financial Statements and MD&A for year ending September 30, 2021
Financial Highlights (all amounts in Canadian dollars):
- Revenues increased by 18.37% versus the same period the year previous
- Operating margin remained relatively unchanged at 42.2% versus the period the year previous
- New Battery Launches: I25X/I35X, G-SBS30/G-SBS40
OTTAWA, ON / ACCESSWIRE / February 24, 2022 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSXV:BES) ("BESI" or the "Company") today reported revenue of $3,466,601 for the fiscal year ending September 30, 2021, an increase of 18.37% compared to the previous fiscal year.
The adjusted net loss for the year was -$213,164, representing -$0.003 per share. This is compared to a net loss of -$296,257, representing -$0.006 per share, in the previous year. The adjusted net loss reported is a non-GAAP financial measure, which was calculated by backing out the non-cash expenses from the net loss of -$734,477 reported in the fiscal year ended September 30, 2021, and from the net loss of -$423,716 reported in the fiscal year ended September 30, 2020. The non-cash expenses backed out from the net loss are namely stock base compensation, depreciation on property plant and equipment, depreciation on right of use, and interest on lease obligation. The Company believes that the adjusted net income provides information useful to its shareholders in understanding the Company's performance.
"The company navigated a challenging landscape during the year, facing logistics issues and cost increases, and our supply of AGM Batteries was severely constrained which led to US$ 500,000 in backorders at year end," said BESI President and CEO Lindsay Weatherdon. "We anticipate a return to more normal supply trends in ‘22 as we continue to expand our product pipeline globally with our new I25X/I35X and G-SBS30/G-SBS40 Lithium Batteries."
Mr. Weatherdon continued, "The I25X/I35X is geared towards Nissan Z cars as well as other Japanese Sports Cars (Acura NSX, Toyota, Mitsubishi, Subaru), and the G-SBS30/G-SBS40 will allow us to expand our reach throughout Europe, as these are the most common and popular models used in European performance track and street cars."
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 the 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:
Kimberly Darlington
Communications, Braille Energy Systems Inc.
[email protected]
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
[email protected]
SOURCE: Braille Energy Systems Inc.