WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Electriq Power Holdings, Inc. ("Electriq") (NYSE: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.”
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) backlog and commitments under our Sustainable Community Networks and Sustainable Solutions, respectively, (iii) trends relating to our power purchase agreements, including the anticipation of revenues throughout 2024, and (iv) 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 (i) the risk that we are unable to grow our SCNs as planned, (ii) the risk that we are unable to secure power purchase agreements, (iii) the risk that we are unable to install systems as quickly as expected, (iv) our ability to obtain enough capital to meet our growth objectives and (v) those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Amendment No. 2 to Form S-1 filed with the SEC on November 7, 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.
