EDY Eddy Smart Home Solutions Ltd

TORONTO, Nov. 28, 2023 /CNW/ - Eddy Smart Home Solutions Ltd. (formerly Aumento Capital VIII Corp.) ("Eddy" or the "Company") (TSXV: EDY) released its financial statements for the three and nine months ended September 30, 2023.

REVENUE
Revenue for the three months ended September 30, 2023, increased by $69,762 to $763,443 as compared with $693,681 reported for the comparable quarter in 2022. 

Revenue for the nine months ended September 30, 2023, increased by $588,153 to $2,246,066 as compared with to $1,657,913 reported for the comparable period in 2022.

NET LOSS
Net loss for the three months ended September 30, 2023, was ($1,982,291), as compared to ($2,578,181) reported for the comparable quarter.  

Net loss for the nine months ended September 30, 2023, was ($6,164,117), as compared to ($8,629,5323) reported for the comparable period.    

BASIC AND DILUTED LOSS PER SHARE
Basic and diluted loss per share for the three months ended September 30, 2023, was ($0.02), as compared to ($0.03) reported for the comparable quarter.  

Basic and diluted loss per share for the nine months ended September 30, 2023, was ($0.08), as compared to ($0.12) reported for the comparable period.   

GROWTH IN INSTALLED DEVICES
The Company's cloud-based leak detection platform for the Eddy brand managed 67,583 in-building devices as at September 30, 2023 (December 31, 2022 – 42,457), this represents growth of approximately 59%. These devices are comprised of Eddy IQs, Eddy H20s and Eddy Links. Installed devices is an important measure of traction that we are gaining in the market with the deployment of our leak protection services.  

The following table summarizes the installed devices:

Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more detail on the Company's products or corporate information please visit www.eddysolutions.com.

For further information on the financial results of the Company, please review the Company's consolidated financial statements and management's discussion and analysis of the financial condition and results of operations for the years ended December 31, 2022 and 2021, available on Eddy's SEDAR website at www.sedar.com. 

This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward looking information in this news release includes information regarding additional future contracted revenue, the Company's leadership position in intelligent water management and leak protection and the expectation of future sales momentum. These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described under the heading "Risk Factors" in the Company's filing statement dated January 6, 2022 "(a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.

All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Eddy Smart Home Solutions Ltd.