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Saturday, December 3, 2022

Quanergy (OTC: QNGY) Continues to Drift Since Landing on the OTC

Quanergy (OTC: QNGY) has been drifting downwards since initially trading over $0.60 per share on the OTC. The Company said last week it intends to appeal the decision by the staff of NYSE Regulation on November 8, 2022 to commence proceedings to delist the Company’s common stock (NYSE:QNGY) and the Company’s warrants to purchase common stock (NYSE:QNGY WS).

On November 14 QNGY announced financial results for the three months ended September 30, 2022. Revenue for the third quarter of 2022 totaled $2.3 million, compared with $1.1 million in the same period of 2021, representing year-over-year growth of 104%. The year-over-year increase was driven by strength from the security, smart spaces and industrial markets as well as improved conversion of bookings to revenue resulting from improvements in supply chain conditions.

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Quanergy (OTC: QNGY) mission is to create powerful, affordable smart LiDAR solutions for IoT and automotive applications to enhance people’s experiences and safety. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Quanergy solutions are deployed by nearly 400 customers across the globe. QORTEX DTC™ (Detect, Track, Classify), the brains of Quanergy’s Flow Management Platform enables reliable and real-time tracking of people and vehicles for security, smart space, and smart city applications. QORTEX DTC™ generates rich data that includes location, direction, speed, and type of objects detected. 

Last week the Company said it intends to appeal the decision by the staff of NYSE Regulation on November 8, 2022 to commence proceedings to delist the Company’s common stock (NYSE:QNGY) and the Company’s warrants to purchase common stock (NYSE:QNGY WS). NYSE Regulation reached its decision to delist these securities pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. Trading in these securities was suspended on the NYSE after the market close on November 8, 2022. As of November 9, 2022, the common stock and warrants have been traded in the over-the-counter (“OTC”) market under the ticker symbols QNGY and QNGYW, respectively.

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QNGY

On November 14 QNGY announced financial results for the three months ended September 30, 2022. Revenue for the third quarter of 2022 totaled $2.3 million, compared with $1.1 million in the same period of 2021, representing year-over-year growth of 104%. The year-over-year increase was driven by strength from the security, smart spaces and industrial markets as well as improved conversion of bookings to revenue resulting from improvements in supply chain conditions.

GAAP gross profit was negative $167 thousand for the quarter, compared to positive $149 thousand in the third quarter of 2021. Excluding stock-based compensation expense, non-GAAP adjusted gross profit was $12 thousand for the quarter, compared to $165 thousand in the third quarter of 2021. Non-GAAP adjusted gross profit in the third quarter of 2022 was adversely impacted by $0.7 million of expenses related to transient material purchasing surcharges. GAAP net loss was $17.7 million for the quarter compared to $19.0 million for the same period in 2021. As of September 30, 2022, the Company had $7.1 million in cash, cash equivalents and restricted cash on its balance sheet. This amount does not include $15.4 million of net proceeds from the Offering and $1.7 million of proceeds from a drawdown under the GEM Facility – both completed after the end of the third quarter.

“The third quarter evidenced improving demand conditions and reduced lead times which supported year-over-year growth in bookings and revenue, driven by demand from the security, smart spaces and industrial markets. We believe the demand environment and improved supply chain dynamics will continue to support our growth and scale moving forward,” said Kevin Kennedy, Chairman and CEO of Quanergy.

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Currently trading at an $5.4 million market valuation QNGY OS is 16,164,406 shares. The Company has $51 million in assets vs. $26 million in liabilities and $18 million in cash as of their last filing. On November 14 QNGY announced financial results for the three months ended September 30, 2022. Revenue for the third quarter of 2022 totaled $2.3 million, compared with $1.1 million in the same period of 2021, representing year-over-year growth of 104%. The year-over-year increase was driven by strength from the security, smart spaces and industrial markets as well as improved conversion of bookings to revenue resulting from improvements in supply chain conditions.  We will be updating on QNGY when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in QNGY either long or short and we have not been compensated for this article

 

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