Eguana Technologies (EGT) AI Stock Analysis

• Market Cap: C$4.52M
• Dividend Yield: N/A
• Average Volume (3M): 22.35K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.54
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: 61
• Sector: General
• Sector Strength: N/A
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.04
• Shares Outstanding: 45,195,602
• 10 Day Avg. Volume: 10,181
• 30 Day Avg. Volume: 22,349
• PEG Ratio: <0.01
• Price to Book (P/B): -0.19
• Price to Sales (P/S): 10.92
• P/FCF Ratio: 5.29
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: C$0.09 ▼(-22.50% Downside)

The score is driven primarily by weak financial performance, highlighted by negative equity, high leverage, and large ongoing losses versus a very small revenue base. Technical indicators also lean negative with price below key moving averages and a negative MACD. Valuation is constrained by negative earnings and no dividend support.

Positive Factors

Gross margin improvement

A sustained swing to ~65% TTM gross margin from prior negative levels indicates structural improvements in product economics, sourcing, or pricing. If maintained as volumes scale, higher gross margins materially reduce required incremental revenue to reach operating breakeven and improve cash flow durability.

Residential & VPP market positioning

Eguana’s core business—residential/small commercial storage and VPP participation—aligns with multi-year structural growth in distributed energy, solar-plus-storage adoption, and grid services. This market exposure supports multiple durable revenue vectors: hardware, services, and recurring grid-program income.

Prior improvement in operating cash flow

Recording positive operating and free cash flow in 2024 shows management can materially reduce cash burn through cost control or better mix. While TTM reversed slightly, the prior positive year demonstrates the company can achieve self-funded operations under improved execution or scale.

Negative Factors

Highly leveraged balance sheet

Negative equity and debt materially larger than assets create persistent solvency and liquidity risk. High leverage limits strategic flexibility, raises refinancing risk, and increases the likelihood of dilutive capital raises or covenant pressure, constraining long-term investment and growth execution.

Very small, declining revenue base

With under $1M TTM revenue and a recent ~15% decline, fixed costs and R&D are spread over minimal sales, preventing operating leverage. Small, shrinking top line makes margin improvements fragile and increases dependence on discrete program awards or partner deals for durable growth.

Persistent deep losses and inconsistent cash generation

Extremely negative margins and inconsistent OCF/FCF indicate the business still consumes capital at scale relative to sales. This structural inability to generate reliable cash threatens sustainability absent meaningful scale or recurring program revenues, forcing reliance on external financing.

Eguana Technologies Business Overview & Revenue Model

Company Description

Eguana Technologies Inc. designs and manufactures residential and commercial energy storage systems for fuel cell, photovoltaic, and battery applications in Canada, Asia, Australia, Europe, and the United States. It provides its products under the Enduro, Evolve, and Elevate brand names. The company was formerly known as Sustainable Energy Technologies Ltd. and changed its name to Eguana Technologies Inc. in September 2013. Eguana Technologies Inc. is headquartered in Calgary, Canada.

How the Company Makes Money

Eguana Technologies Financial Statement Overview

Summary

Financial position is highly stressed: revenue is very small and declining, profitability is deeply negative, and the balance sheet shows negative equity with high debt relative to assets. While gross margin improved and cash burn has moderated versus prior years, the latest TTM returns to slightly negative operating/free cash flow, keeping liquidity and solvency risk elevated.

Income Statement

TTM (Trailing-Twelve-Months) results show a very small revenue base ($0.9M) with a sharp decline (down ~15%), while profitability remains deeply negative (net margin around -1300% and negative operating margins). A key positive is a meaningful improvement in gross margin versus the prior annual period (TTM gross margin ~65% vs. negative gross margin in 2024), but losses are still extremely large relative to sales, indicating the cost structure remains far above current scale.

Balance Sheet

The balance sheet is highly stressed: shareholders’ equity is negative in the latest period (TTM equity about -$47.8M), with debt roughly $50.7M against only ~$8.5M of assets. Leverage is therefore extreme and financial flexibility appears limited. While debt was lower in earlier years, the current position is dominated by negative equity and a heavy debt load relative to the asset base.

Cash Flow

Cash generation is weak and inconsistent. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are slightly negative (about -$0.08M), which is an improvement versus several prior years of very large cash burn, and 2024 showed positive operating and free cash flow (~$1.6M). However, the latest period shows a reversal back to negative free cash flow and a steep deterioration versus the prior year, keeping liquidity risk elevated given the leveraged balance sheet.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	902.10K	751.87K	9.76M	13.46M	7.17M	7.95M
Gross Profit	584.47K	-218.07K	-2.17M	-358.83K	469.46K	900.34K
EBITDA	-4.45M	-7.54M	-24.24M	-11.31M	-8.78M	-5.49M
Net Income	-11.73M	-17.88M	-35.59M	-13.46M	-11.58M	-10.05M
Balance Sheet
Total Assets	8.48M	9.48M	21.46M	47.40M	14.91M	3.79M
Cash, Cash Equivalents and Short-Term Investments	43.38K	307.45K	814.00K	15.04M	4.60M	527.70K
Total Debt	50.69M	39.42M	35.89M	36.48M	655.75K	9.31M
Total Liabilities	63.60M	51.97M	46.58M	43.78M	11.42M	21.25M
Stockholders Equity	-47.81M	-42.48M	-25.13M	3.62M	3.49M	-17.46M
Cash Flow
Free Cash Flow	-80.43K	1.55M	-12.35M	-34.89M	-15.19M	-2.99M
Operating Cash Flow	-84.99K	1.55M	-11.76M	-33.70M	-14.84M	-2.79M
Investing Cash Flow	-9.90K	0.00	-585.66K	-1.07M	-351.08K	-205.68K
Financing Cash Flow	-204.76K	-2.04M	-1.94M	44.61M	19.36M	3.04M

Eguana Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ELVA	64 Neutral	C$596.77M	113.05	16.94%	―	46.80%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BES	43 Neutral	C$5.82M	-3.35	―	―	-3.93%	-27.37%
LPS	42 Neutral	C$14.90M	-4.38	-341.84%	―	27.76%	-0.37%
EGT	40 Underperform	C$4.52M	-0.42	―	―	―	―
NHHH	35 Underperform	C$24.78M	-1.74	-67.64%	―	―	-8.37%

Eguana Technologies Corporate Events

Eguana Technologies Reports Strong Revenue Growth and Strategic Expansion in Q3 2025

Eguana Technologies reported a significant increase in revenue for the third quarter of 2025, with year-to-date revenue rising by 310% compared to the previous year. Despite a decrease in quarterly revenue due to transition challenges, the company improved its gross margin and reduced its operating loss. Strategic partnerships and projects in British Columbia and Northern California are expected to enhance Eguana’s market position, with ongoing efforts to expand battery deployments and increase recurring revenue streams.