Sunvault Energy Inc. said its normalized net income for the first quarter amounted to a loss of $253,030, compared with a loss of $778,990 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to negative 43.7% from negative 60.7% in the year-earlier period.
Total revenue decreased 54.9% on an annual basis to $579,200 from $1.3 million, and total operating expenses decreased 57.1% year over year to $1.1 million from $2.5 million.
Reported net income totaled a loss of $518,170, or a loss of 0 cents per share, compared to a loss of $1.3 million, or a loss of 1 cents per share, in the year-earlier period.