$SLTD Solar3D (SLTD) Q1 Revenues Jump Y/Y Driven by Acquisitions
Solar3D SLTD started 2015 on a positive note, with both the top line and the bottom line improving from the year-ago quarter.
Following the solid results, shares gained more than 5% in after-hours trading.
Revenues
Solar3D generated revenues of $5.7 million, surging 440% year over year. The increase was driven by growth in acquisitions. The revenues include one-month sales figure of the recently acquired MD Energy, LLC (MDE).
Approximately 2/3 of the first quarter revenues was from sales to the commercial market, including the agricultural market, while 1/3 was from sales to the residential market.
Operating Results
Reported gross margin was 34.0%, up 800 basis points from the year-ago quarter. The year-over-year increase was due to higher volumes and improved purchasing efficiencies.
Operating expenses of $3.0 million increased 150% from $1.2 million in the year-ago quarter. The increase was driven by expenses associated with the uplist to Nasdaq and increased capital allocation. However, as a percentage of sales, both research and development (R&D) and general and administrative expenses decreased, while selling and marketing expenses increased. Reported operating loss was $1.0 million compared to $0.9 million in the year-ago period.
The quarter’s GAAP net loss was $1.4 million or loss of 10 cents per share compared with net loss of $4.0 million or 43 cents in the comparable quarter last year. Excluding all special charges namely, gain/loss on change in fair value of derivative liability and amortization of debt discount and OID recognized as interest, non-GAAP net loss was $1.0 million versus a loss of $0.9 million in the year-ago quarter.
Balance Sheet
Solar3D exited the first quarter with cash and cash equivalents of approximately $11.2 million versus $0.4 million at the end of the prior quarter.
The company had a working capital surplus of $10.5 million versus working capital deficit of $0.74 million in the last quarter.
Guidance
Management expects second-quarter 2015 revenues in the range of $40–$45 million. The company also plans to make acquisitions worth $10–$30 million.
Acquisitions
During the quarter, Solar3D wrapped up its purchase of California-based leading solar energy developer, SUNworks. Additionally, the company acquired the assets of MD Energy for $850,000 and a three-year convertible promissory note of $2,650,000. This has boosted the company’s total solar project pipeline. These acquisitions will significantly expand the scale of its solar energy development platform making it one of the foremost solar energy developers in the world.
Solar3D SLTD started 2015 on a positive note, with both the top line and the bottom line improving from the year-ago quarter.
Following the solid results, shares gained more than 5% in after-hours trading.
Revenues
Solar3D generated revenues of $5.7 million, surging 440% year over year. The increase was driven by growth in acquisitions. The revenues include one-month sales figure of the recently acquired MD Energy, LLC (MDE).
Approximately 2/3 of the first quarter revenues was from sales to the commercial market, including the agricultural market, while 1/3 was from sales to the residential market.
Operating Results
Reported gross margin was 34.0%, up 800 basis points from the year-ago quarter. The year-over-year increase was due to higher volumes and improved purchasing efficiencies.
Operating expenses of $3.0 million increased 150% from $1.2 million in the year-ago quarter. The increase was driven by expenses associated with the uplist to Nasdaq and increased capital allocation. However, as a percentage of sales, both research and development (R&D) and general and administrative expenses decreased, while selling and marketing expenses increased. Reported operating loss was $1.0 million compared to $0.9 million in the year-ago period.
The quarter’s GAAP net loss was $1.4 million or loss of 10 cents per share compared with net loss of $4.0 million or 43 cents in the comparable quarter last year. Excluding all special charges namely, gain/loss on change in fair value of derivative liability and amortization of debt discount and OID recognized as interest, non-GAAP net loss was $1.0 million versus a loss of $0.9 million in the year-ago quarter.
Balance Sheet
Solar3D exited the first quarter with cash and cash equivalents of approximately $11.2 million versus $0.4 million at the end of the prior quarter.
The company had a working capital surplus of $10.5 million versus working capital deficit of $0.74 million in the last quarter.
Guidance
Management expects second-quarter 2015 revenues in the range of $40–$45 million. The company also plans to make acquisitions worth $10–$30 million.
Acquisitions
During the quarter, Solar3D wrapped up its purchase of California-based leading solar energy developer, SUNworks. Additionally, the company acquired the assets of MD Energy for $850,000 and a three-year convertible promissory note of $2,650,000. This has boosted the company’s total solar project pipeline. These acquisitions will significantly expand the scale of its solar energy development platform making it one of the foremost solar energy developers in the world.
