SAN DIEGO, CA--(Marketwired - April 04, 2017) - Envision Solar International, Inc., (OTCQB: EVSI) ("Envision Solar," or the "Company"), the leading renewably energized EV charging, outdoor media and energy security products company, released 2016 earnings on Friday, March 31st, 2017. The results include the Company's 3rd year of increasing revenues in a row.
2016 revenue was approximately $2.8M compared with $2.6M in 2015. The company was successful in reducing product specific costs on record deliveries though an increase in fixed overheads, largely caused by moving to a larger and better equipped factory location, resulted in a GAAP gross profit loss. Management believes that a continued increase in sales volume will reduce the fixed overhead burdens for each product sufficient to result in positive gross margins. During 2016 and the subsequent period management has also retired over $1M in historic debt which was a legacy from the Company's pre-public operations.
"We are executing on our plan," said Desmond Wheatley, CEO of Envision Solar. "The growth markets we address are recognizing the unique value in our products and we are seeing increased sales year after year. I believe that we are very well positioned to see increasing and accelerating growth in 2017."
The Company's results will be available on its website, http://www.envisionsolar.com.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company who's unique and patented products include the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage and EnvisionMedia solar advertising displays.
Based in San Diego the company produces Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information visit www.envisionsolar.com or call (866) 746-0514.
This Press Release may contain forward-looking statements regarding future events or our expected future results that are subject to inherent risks and uncertainties. All statements in this Report other than statements of historical facts are forward looking statements. Forward looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may," or other words and similar expressions that convey the uncertainty of future events or results. Statements contemplating or making assumptions regarding actual or potential sales, market size and demand, prospective business contracts, customer orders, trends or operating results also constitute forward looking statements. Our actual results may differ substantially from those indicated in forward looking statements because our business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our operating results, financial condition and business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for our prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for solar energy, a lack of profitability, a decline in our stock price, and other risks. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Current results and trends are not necessarily indicative of future results that we may achieve.