Leclanché reduces losses, as revenue climbs 84%

Switzerland-based storage system provider Leclanché SA has announced today its interim results for the half of the year that finished on the 30th of June 2017.

The firm’s revenue grew by 84% year-on-year from CHF 5.7 million ($5.8 million) to CHF 10.6 million ($10.8 million). The company’s loss for the period was reduced by 31% to CHF 11.9 million ($12.1 million) from CHF 17.3 million ($17.7 million).

Personal costs of the firm were also reduced by 10% year-on-year following the restructuring process that firm has undergone in late 2016 and early 2017. Other expenses rose by 21% because of costs associated with the implemented of a debt facility.

Leclanché reduced its convertible debt to CHF 17 million ($17.4 million) from CHF 17.3 million ($17.7 million) due to conversions made in September and October 2017, and a further CHF 5 million ($5.1 million) is expected upon completion of a Rights offering which is to raise CHF 40 million ($40.9 million). The shareholders have agreed to subscribe amounts proportional with their current shareholdings which amount to around 65%. The fund raising should be done by December 2017.

Although there will be a delay in funding for the first half of the year, which is supposed to have an adverse impact on revenue, the company is still expecting 2017 revenues to be equivalent or slightly above its 2016 results and is also to achieve EBITDA break-even in late 2018 / H1 2019.

CEO of Leclanché Anil Srivastava said: “In spite of the funding delay at the start of 2017, we are delighted to report the Company’s strong performance in the first half of the year and to provide a positive outlook. Energy storage is one of the most dynamic, high growth industries in the world, driven by the shift from fossil fuels to clean energy sources, and we are proud to be at the forefront of innovation in our market.”

“As stated at our AGM in July, our confirmed orderbook grew from 95 MWh to 115 MWh, and in the coming weeks we expect to announce some significant customer project wins.”

The Company has more than 70 MW / 55 MWh of projects under construction and has a pipeline of more than 700 MWh of awarded and expected projects, with a 110 MWh backlog through 2018.