Once sort of a darling of micro-cap players for its efforts to capture share in the solar energy business, XsunX (OTCPK:XSNX) has languished over the years just like many of its bigger peers. For the last year and a half, the stock price has muddled around $0.001 and even fallen on several occasions into the dreaded "triple zero" range.
On Wednesday, shares are pushing well away from that, riding positive market reaction to the company saying sales are picking up in the current quarter to build on some momentum generated at the start of the year.
Aliso Viejo, California-based XsunX told shareholders that its large pool of pending sales proposals are starting to close. During the March quarter, XsunX reported only $51,222 in sales, but noted in today's news release the it was awarded $750,000 in new projects through March. That total was exceeded in May alone, with more than $800,000 in newly awarded projects.
CEO Tom Djokovich explained that the company had to deal with project postponements and customer indecision during the first quarter, but deal flow has subsequently begun to accelerate. In recent years, XsunX has focused its efforts on widening its product and services to include commercial solar car, truck and storage canopies, energy storage and energy management technologies, electric vehicle charging, commercial roofing and steel canopies.
"It's great to see our marketing efforts paying off," said Djokovich in today's news release.
The XsunX chief further said that they are working through the process of generally slower time lines related to funding, planning and permitting commercial projects as opposed to those in the residential sector.
He is optimistic about the future, considering that the company now has about $1.2 million in projects on the docket that will not be delayed waiting for financing.
Investors are cheering the upbeat news, sending shares of XSNX soaring 100% to $0.002 in morning action on Wednesday.
