Eguana Technologies (TSE:EGT) has released an update.
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Eguana Technologies Inc. has reported a sharp 32.1% decrease in sales to $11.45 million in 2023, alongside a significant net loss before tax of $35.55 million, exacerbated by low demand in the solar industry and aggressive competitor pricing. Gross margins turned negative at 17.9% due to inventory impairment charges, and operating costs rose by 41.1%, reflecting increased expenses from expanded operations, especially in Australia. The company also recorded a substantial expected credit loss of $9.9 million due to issues with a slow-paying customer.
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