Q2 Revenues Up 165% over 2017
FH Revenues 423% Higher Than Previous Best First Half
SAN DIEGO, July 10, 2018 (GLOBE NEWSWIRE) -- Envision Solar International, Inc., (OTCQB:EVSI) ("Envision Solar," or the "Company"), the leading renewably energized EV charging, outdoor media and energy security products company, announced unaudited revenue results for the second quarter of 2018 today.
In the second quarter of 2018, the Company achieved revenue of approximately $840 thousand which represents the highest second quarter revenue in the Company's history and an increase of 165% over Q2, 2017. First Half (FH) revenues of $3.7M are 423% higher than the same period for 2017 which was the Company's previous best. 2018 FH revenues also already exceed the Company's previous highest full year revenue by 140% with 2 quarters left in the year to execute. Revenue was achieved through new and repeat customer orders of the Company's EV ARC™ products from government and enterprise customers.
Current contracted backlog is approximately $2.4 million. The Company expects to convert all current backlog to revenue in 2018. Current qualified pipeline of potential new business is approximately $10M.
"We continue to generate record revenues as our business grows," said Envision Solar CEO, Desmond Wheatley. "I'm seeing more evidence every day that we are being recognized by the right customers in the rapidly growing markets we address and that recognition is turning into sales. The team is executing on our business plan and the numbers prove it."
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique products include the patented EV ARC™, the patented Solar Tree® and the patent pending EV-Standard™ products, 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 employs combat veterans, disabled workers, minorities and other fine contributors to produce 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 (760) 420-6569.
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 forwarding 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.
Envision Solar International, Inc.
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