Electriq Power Provides Financial Update; Anticipates 2024 Revenue Of $20M- $30M Based On Signed PPAs And Commitments Through 2H 2023
Portfolio Pulse from Benzinga Newsdesk
Electriq Power Holdings, Inc. (ELIQ) anticipates 2024 revenue of $20M-$30M based on signed Power Purchase Agreements (PPAs) and commitments. The company has a $5M revenue backlog from over 160 PPAs signed via Sustainable Community Networks and a $10M commitment from developers to purchase Electriq's PowerPod 2 systems. Electriq has also expanded into Puerto Rico and Washington D.C., signed a partnership for homeowner PPA signups and installations, implemented cost reductions, and extinguished obligations through equity issuance. The company is focused on executing its 2024 plan and driving top-line growth and higher margins.
December 14, 2023 | 2:08 pm
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Electriq Power anticipates significant revenue growth in 2024, with a projected range of $20M-$30M. This growth is underpinned by existing PPAs, expansion plans, and strategic partnerships. The company has also taken steps to reduce costs and improve margins.
The positive revenue guidance for 2024 suggests strong growth prospects for Electriq Power, which is likely to be well-received by investors. The company's strategic initiatives, including cost reductions and partnerships, are expected to contribute to improved financial performance and may positively impact the stock price in the short term.
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