Earlier today, Oakridge Global Energy Solutions, Inc. (OTCQB: OGES) offered revenue guidance for the first quarter of fiscal year 2016. This guidance marks a major milestone in Oakridge’s history, as it includes the company’s first ever commercial revenues. For the fiscal quarter ended March 31, Oakridge forecasts total revenues of $250,000. While this forecast will amount to a net loss for the quarter, the company is extremely optimistic about its prospects for financial growth following its full commercial production ramp up, which it completed at the end of 2015. Following its current trajectory, Oakridge estimates that it could attain a break even financial position as soon as the second quarter of 2016, capitalizing on its growing presence in the rapidly expanding lithium ion battery space.
“We started 2016 as a new year with a full commercial production and customer focus,” Steve Barber, executive chairman and chief executive officer of Oakridge, stated in this morning’s news release. “We are excited to announce that we have now begun routinely shipping our ground breaking lithium ion batteries to the golf car market, the motorcycle market, and a number of very significant custom or semi-custom markets. These results are nothing short of game-changing for the Company, which has never previously, in all its past history, shipped commercial product of any kind.”
From July 2014 to December 2015, Oakridge embarked upon and completed a full transition of its existing operations, moving from a research and development company to a fully-fledged ‘Made in the USA’ lithium ion battery manufacturing company. In total, Oakridge has spent in excess of $40 million in research, product development and corporate restructuring since mid-2013.
In recent weeks, the company has made tremendous strides in the domestic lithium ion battery market. In addition to providing a customized battery system that successfully powered Maritime Tactical Systems, Inc.’s Man-Portable Tactical Autonomous Systems in a field trial for a major defense contractor, Oakridge has announced agreements to supply its battery systems to Freedom Trucking to power its fully electric interstate truck propulsion system, demonstrated its Pro-Series Lithium Ion Golf Car battery systems at the Orlando PGA Merchandise Show and introduced its Liberty Series lithium ion motorcycle batteries at the 75th anniversary of the iconic Daytona Beach Bikefest.
Currently, Oakridge employs 57 full-time employees, as well as six part-time employees, from its state-of-the-art manufacturing facility in Palm Bay, Florida. On April 4, the company plans to increase its employment figures and production capacity through the introduction of a second shift. Oakridge is also finalizing orders for significant new manufacturing equipment designed to increase the company’s ability to keep pace with recent spikes in customer demand.
“We now are in the gratifying position, based on all the hard planning work we have done, of having a growing range of excellent customers and a solid backlog of orders,” continued Barber. “We will have further exciting news as we move into Q2 as the Company is now on a very significant growth curve in the lithium battery space from this point onwards and we will not be looking back.”
For more information, visit www.oakridgeglobalenergy.com
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