Revenue falls 29.6% to $18.6M; net loss widens 71.1% on higher interest costs

Filed May 8, 2019 · Period ending March 31, 2019 · Compared to 10-Q May 10, 2018 · ~1 min read

Key Changes

• high

  Net loss widened 71.1% to $33.9M while operating loss grew only 12.1%; the bottom-line deterioration came from a 168.8% surge in interest and other expense driven by the March 2018 convertible notes and increased finance lease obligations, not from operations.

  MD&A: Interest and Other Expense verify on EDGAR →
• high

  Total revenue declined 29.6% to $18.6M as GenDrive unit deployments fell 69.1% to 94 units (from 304 prior year) and zero hydrogen installations were recognized versus three in Q1 2018.

  MD&A: Revenue verify on EDGAR →
• high

  Gross margin deteriorated to (36.4)% from (15.1)% as the provision for common stock warrants (Amazon/Walmart) more than doubled to $4.2M from $1.9M, severely impacting PPA and fuel margins.

  MD&A: Gross Margin verify on EDGAR →