The following is a summary of the Pineapple Energy Inc. (PEGY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Pineapple Energy's total revenue for Q4 2023 stood at $19.4 million, marking a 13% increase from Q4 2022.
The company's gross profit was $5.5 million, showing a 10% YoY increase.
Operating expenses were down by 8% YoY.
In Q4 2023, there was an improvement in the company's operating losses, recording $2.3 million, a decrease of $1.2 million (a 34% improvement from the prior year).
The pro forma adjusted EBITDA for Q4 2023 was a positive $208,000, showing a 222% improvement from a negative $171,000 reported in the prior-year's quarter.
Business Progress:
Despite the challenging quarter, Pineapple Energy managed to maintain robust operational and financial results.
The company observed a persistent interest in solar energy and battery storage among homeowners, indicating positive future prospects.
Pineapple Energy plans to drive growth by merging with leading local and regional residential solar and storage companies across the United States.
The company is actively involved in fundraising efforts to meet its financial obligations in 2024.
The focus on cost containment and margins contributed to the company's positive adjusted EBITDA.
More details: Pineapple Energy IR
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