Financial Performance - Total revenue for Q1 2024 increased by 4% to 19.5millioncomparedto18.7 million in Q1 2023[1] - Gross profit decreased by 47% to 1.8million,representing9.51.7 million, compared to net income of approximately 1.6millioninQ12023,markingasignificantdecline[6]−AdjustedEBITDAresultedinalossof1.2 million, down from a profit of approximately 2.0millioninthesameperiodlastyear[7]−RelatedpartyrevenueforQ12024was8,812,769, compared to 0inQ12023[17]−NetlossforQ12024was1,699,200, compared to a net income of 1,602,939inQ12023[17]−Thecompanyreportedabasicanddilutednetlosspercommonunitof1.20 for Q1 2024[17] Expenses and Cash Flow - Operating expenses increased to 21,102,265inQ12024,upfrom17,118,006 in Q1 2023, representing a 23.1% rise[17] - Cash used in operating activities for Q1 2024 was 10,153,821,asignificantdecreasefromcashprovidedof1,589,777 in Q1 2023[18] - Cash and cash equivalents at the end of Q1 2024 were 7,731,124,downfrom3,418,889 at the end of Q1 2023[18] - The company experienced a net cash decrease of 291,182inQ12024,contrastingwithanincreaseof1,150,583 in Q1 2023[18] - Proceeds from the issuance of convertible preferred stock in Q1 2024 amounted to 10,277,275[18]−DepreciationandamortizationexpensesforQ12024were462,701, compared to 432,599inQ12023[17]MergerandExpansion−Mergertransactionexpensestotaled11.7 million related to the business combination with ESGEN Acquisition Corp.[1] - Preferred equity of 15.0millionwasprovidedbyEnergySpectrumtocovermergerexpensesandsupportongoingoperations[1]−ThecompanyexpandeditssalesandinstallationcapacityintoOhioandIllinoisduringQ12024[1]FutureOutlook−Managementanticipatesmorefavorableequipmentpricingandstableordeclininginterestratesthroughouttheyear[3]−Thecompanyexpectsprofitabilitytoreturntohistoricalgrowthlevelsintheremainingquartersof2024[3]−Totalassetsincreasedto51.6 million as of March 31, 2024, compared to 48.0millionattheendof2023[15]−TotalrevenueforQ12024was19,488,190, a 4.05% increase from $18,731,489 in Q1 2023[17]
