tiprankstipranks
Eguana Technologies Faces Tough Financial Year
Company Announcements

Eguana Technologies Faces Tough Financial Year

Eguana Technologies (TSE:EGT) has released an update.

Don't Miss our Black Friday Offers:

Eguana Technologies Inc. has reported a sharp 32.1% decrease in sales to $11.45 million in 2023, alongside a significant net loss before tax of $35.55 million, exacerbated by low demand in the solar industry and aggressive competitor pricing. Gross margins turned negative at 17.9% due to inventory impairment charges, and operating costs rose by 41.1%, reflecting increased expenses from expanded operations, especially in Australia. The company also recorded a substantial expected credit loss of $9.9 million due to issues with a slow-paying customer.

For further insights into TSE:EGT stock, check out TipRanks’ Stock Analysis page.

Related Articles
TipRanks Canadian Auto-Generated NewsdeskEguana Technologies Shareholders Approve Key Resolutions
TipRanks Canadian Auto-Generated NewsdeskEguana Technologies Announces Upcoming AGSM
TipRanks Canadian Auto-Generated NewsdeskEguana Technologies Faces Revenue Dip, Cuts Losses
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App