Telkonet announces financial results for the third quarter of 2022

Telkonet announces financial results for the third quarter of 2022


WAUKESHA, WI / ACCESSWIRE / November 18, 2022 / Telkonet, Inc. (OTCQB:TKOI), (the “Company” or “Telkonet”), a Wisconsin-based IoT innovator and a US public company, is landing in Europe and launching its new presence-based energy management (EMS) solutions in the US a European market. The company believes its EMS can significantly reduce the cost of utility bills, in some cases by 20 to 40 percent, and will aim to be a strategic technology partner for any facility suffering from rising energy costs. Thanks to the easy installation of the WLAN-enabled products, Telkonet’s solutions are suitable for the European aftermarket.

“For the nine months ended September 30, 2022, we delivered strong growth with revenue increasing approximately 33% driven by our Hospitality, Education and MDU verticals and an approximately 45% increase in bookings compared to the prior year period. For the three months ended September 30, 2022, recurring revenue increased 15% compared to the same period last year, reversing two consecutive quarters of declining results,” said Piercarlo Gramaglia, Telkonet’s Chief Executive Officer. “Despite global component shortages, an improvement in our supply chain management has enabled us to provide timely services and fulfill customer orders. We pursue our turnaround path to increase business efficiency, control operational costs and strengthen the organization. Instead of a series of economic uncertainties, we are pleased with the results achieved so far.”

Financial overview:

For the three and nine month periods ended September 30, 2022:

total revenue: Increased 39% to $2.02 million and 33% to $6.11 million compared to the corresponding periods a year ago.

product sales: Product revenue, derived primarily from the sale and installation of our energy management platform, increased 42% to $1.83 million and 37% to $5.57 million, respectively, when…


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