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 announces preliminary results for its fourth quarter and reiterates a revenue range of $20M-$30M in 2024.
CEO Frank Magnotti, commented, “The demand for residential solar and storage and for more independence from the electrical grid remains strong. The approximate $1.3 million we expect to record in sales for Q4 represents YoY growth of over 100% and a roughly 60% sequential increase, including a 233% sequential increase in Sustainable Community Networks (SCN), our third consecutive quarter of incremental growth. Our current Power Purchase Agreements (PPA) in our SCN, both signed and in-progress, paired with our expanded relationships in Puerto Rico and Washington D.C., indicate that we expect to achieve robust growth in 2024.”
Orders from new and existing partners continue to provide Electriq with confidence and visibility, including the company’s recently announced contract, allowing Electriq to launch SCNs in 10 Los Angeles County communities, covering a population of 400,000. This new contract could generate an incremental $30M in Total Contract Value (TCV), defined as the anticipated revenue we expect to recognize over the next three years, starting in the current period, based on assumed levels of participation in the program.
The Company’s expectations for growth in 2024 are based on a number of factors, including more than 160 signed PPAs via our Sustainable Community Networks which could lead to approximately $5 million in revenue over the next two quarters, a $10 million commitment from Sustainable Solutions developers to purchase Electriq’s PowerPod 2 systems estimated to be recognized within 2024 and $100 million TCV estimated to be recognized over the next three years. In addition, Electriq holds approximately $21 million in finished inventory ready to deploy, and has $300 million in solar + storage financing available for its California SCN programs from a well-established clean-energy company.
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) expectations regarding our SCN, (iii) expectations regarding our results of operations, (iv) trends relating to our PPAs, including the anticipation of growth throughout 2024, (v) our recently announced contract, and (vi) 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 those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Electriq’s quarterly report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 14, 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.
In addition, this press release includes Electriq’s preliminary financial results for the fiscal year ended December 31, 2023. Electriq is currently in the process of finalizing its financial results for the quarter and fiscal year ended December 31, 2023, and the preliminary financial results presented in this press release are based only upon preliminary information available to Electriq as of January 11, 2024. Electriq’s preliminary financial results should not be viewed as a substitute for audited financial statements prepared in accordance with U.S. GAAP, and undue reliance should not be placed on Electriq’s preliminary financial results. In addition, items or events may be identified or occur after the date of this press release due to the completion of operational and financial closing procedures, final audit adjustments and other developments may arise that would require Electriq to make material adjustments to the preliminary financial results included in this press release. Therefore, the preliminary financial results included in this press release may differ, perhaps materially, from the financial results that will be reflected in Electriq’s audited consolidated financial statements for the fiscal year ended December 31, 2023.
