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Toronto, Ontario – TheNewswire - January 29,
2025 – Hybrid Power Solutions Inc. (CSE:
HPSS) (OTC: HPSIF) (FSE: E092) ("Hybrid" or the
"Company") is pleased to announce its financial results for
the second quarter ended November 30, 2024. The Company continues to
maintain revenue while executing a strategic realignment to better
position itself for long-term success.
Financial Highlights for Q2 2024
· Revenue: $1,033,133 (Q2), a decrease of $5,449 compared to Q1 ($1,038,582), reflecting steady demand despite market conditions.
· Net Profit/(Loss): Improved significantly by $562,756, from a loss of $1,122,670 in Q1 to a loss of $559,914 in Q2.
· Total Operating Expenses: Reduced by $657,611, from $1,425,760 in Q1 to $768,149 in Q2, driven by strategic cost reductions by management.
During the three months ended November 30, 2024, the comprehensive loss decreased by $562,756 compared to the three months ended August 31, 2024. This improvement was primarily attributed to:
· Advertising Costs: A reversal in advertising expenses of $342,145.
· Share-Based Compensation: A decrease of $131,000 due to adjustments in provisions for share-based payments.
· In-House Accounting: Continued transition to internal accounting team.
· Operating: Implemented cost-effective operating methods.
These improvements highlight the Company’s dedication to managing costs effectively while maintaining a strong market presence.
Strategic Transition to Drive Long-Term Success
As part of its focus on aligning operations with market demands, Hybrid Power Solutions has been transitioning to providing complete project solutions utilizing its wide range of products to create unique customer experience. This transition allows for higher customer lifetime value, greater brand loyalty and higher revenue potential.
Positioned for a Sustainable Future
“These results are a testament to the resilience of our business and the steps we’re taking to position Hybrid for long-term success,” said Francois Byrne, CEO of Hybrid Power Solutions. “Our sustained revenue growth and strategic transition reflect our commitment to creating innovative energy solutions that meet the evolving needs of our customers and markets.”
Hybrid Power Solutions Inc. is a Canadian clean energy innovator listed on the Canadian Securities Exchange under the symbol "HPSS." The Company specializes in developing sustainable energy solutions that redefine power access and storage across industries. With a focus on environmental responsibility and technological innovation, Hybrid is at the forefront of the clean energy transition.
For further information, inquiries, or media opportunities, please contact:
On behalf of the Company,
Francois Byrne
CEO and Director
invest@hybridps.ca
1 (866) 549-2743
www.investhps.com
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by terminology such as "will," "expects," "anticipates," or variations of such words and phrases, or by statements that certain actions, events, or results "will" occur. Forward-looking statements are based on management’s estimates as of the date such statements are made and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
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