On Tuesday, Envision Solar International Inc. (OTC:EVSI), recorded a personal record breaking second quarter as well as a strong first half of the year. With the growth of the adoption of solar technology we are seeing solar based companies grow as well.
Envision Solar is a sustainable technology innovation company with proprietary products such as the EV ARC™ and the SOLAR TREE® which provide solar charging solutions for electric powered cars. Specifically, Envision Solar focuses on “three specific verticals, electric vehicle charging, media and branding systems, and energy security” due to their individual potential for opportunity.
In Tuesday’s report, Envision Solar reported Q2 gross profits up 243% year-over-year. In addition to profits soaring, revenue also reached $844,495 which marks a 66% increase year-over-year.
Regarding the first half of the year, revenues topped any other month in company history and are up 324% year-over-year. Also, in the first half, gross profits soared 413% up year-over-year.
On another positive note, Envision Solar also has contracts backlogged exceeding $3 million total, and over $10 million in qualified sales pipeline.
Envision Solar mentioned they plan to execute the backlogged contracts to revenue in 2018. CEO Desmond Wheatley said that “[Envision Solar] have had another record quarter with gross profitability and we have sufficient backlog to continue our best year ever.”
In addition to a strong financial second quarter, Envision Solar also announced their Patent Pending on a new product, UAV ARC™. Essentially, the UAV ARC™ will be used to extend the recharging network range. This product is meant to fit in line with the needs of the growing use of drones by both the military and commercial operations. In Envision Solar’s press release they mentioned the application of this product can apply to those using drones for everything from “intelligence gathering to package deliveries” so it is not confined to one section of the drone market.