TechMediaBreaks – Turbo Energy S.A. (NASDAQ: TURB) Reports on FY 2023 Financial, Business Results

Company: Turbo Energy S.A. (TURB)
Category: News

Turbo Energy S.A. (NASDAQ: TURB), a leading energy-saving technology company leveraging artificial intelligence software, is reporting its financial numbers and business highlights for the year ended Dec. 31, 2023. Specifically, the company reported revenues of $14.54 million and a net loss of $2.23 million. Cost of revenue decreased 55%, to an estimated $13 million with selling and administrative expenses up 24% to more than $2.8 million. The company noted that key accomplishments for the year included its new SunBox Industry product line, a storage solution focused on the solar, commercial and industrial self-consumption market; an initial public offering of 1 million American Depositary Shares (“ADSs”) resulting in gross proceeds of $5 million; receiving a patent from Spain for a software development that allows Turbo to offer SunBox as a combined AI-driven, smart-management home photovoltaic system and electric vehicle charger; and a strategic alliance with French multinational retailer Leroy Merlin to include Sunbox in its range of photovoltaic products. In addition, as 2023 ended, the company announced that its GoSolar offering would be available for sale through the energy branch of Movistar, a Fortune 500 telecommunications leader in Spain and Latin America. “In addition, the downward trend in the prices of components related to photovoltaic installations, especially batteries, has started again, which is increasing the already high profitability of these installations for end users,” said the company in the press release. “All sector forecasts issued by experts predict very significant growth in sales for the coming years. This is a global trend in all scales of installations. Turbo Energy expects to once again embark on strong growth resulting from good sector growth expectations and commercial and product/software expansion plans launched from 2023.”

To view the full press release, visit https://ibn.fm/RCnCd

About Turbo Energy S.A.

Turbo Energy is a leading photovoltaic energy-storage technology company based in Valencia, Spain. The company develops innovative solutions that allow end users to harness the full potential of solar energy and reduce their electricity costs. With a combination of artificial intelligence and advanced technology, Turbo Energy is paving the way toward a more sustainable and energy-efficient future. For more information, visit the company’s website at www.Turbo-E.com

NOTE TO INVESTORS: The latest news and updates relating to TURB are available in the company’s newsroom at http://ibn.fm/TURB

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