Solar3D, Inc., a provider of solar power solutions and the developer of a proprietary high efficiency solar cell, today provided financial highlights from the company’s third quarter 2015 conference call.
· The Company achieved profitability in Q3 with record sales and net income.
· Revenues tripled year-over-year, and were up 79% sequentially over second quarter 2015 revenue.
· The Company made significant improvements in operational efficiencies, reducing operating costs as a percentage of sales.
· Solar3D announced Q3 gross profit of $5.3 million and Q3 net income of $1.4 million or $0.08 per basic share and $0.06 per diluted share.
· The Company reports a strong backlog of $29.5 million equal to an increase of nearly $7 million from last quarter.
Revenue Growth Trajectory Continues
• Q2 2015 to Q3 2015 revenue increased 79% from $11 million to $19.7 million following 83% revenue growth from Q1 2015 to Q2 2015 to $11 million.
• For the first nine months of 2015, SLTD achieved $35 million in revenues compared to $20 million for the full year 2014, representing a 75% increase with a full quarter of revenue and earnings yet to be recorded.
• The Company reiterates that it is confident it will exceed published revenue guidance of $40 – $45 million for 2015 and may increase this guidance as the quarter progresses.
• Expect continued organic growth into 2016 plus incremental growth when Elite Solar acquisition is finalized.
• Company maintains strong cash balance of $9.3 million to pursue additional growth initiatives, such as the planned acquisition of Elite Solar, another California solar systems provider and other acquisition opportunities.
• Business trend points towards continued growth throughout the current fiscal year and into 2016.