Akeena Solar, Inc. (NASDAQ: AKNS), which designs and installs solar power systems, posted record revenue growth in Q307.
The company says net sales for the Q307 were $8.1 million, compared with $3.6 million of net sales in Q306. Compared to Q207, net sales increased 8%.
Gross profit for Q307 was $1.7 million, or 21.0% of sales, compared to $0.9 million, or 24.7% of sales, in Q306.
Total operating expenses for the quarter were $5.4 million, compared with $1.3 million in Q306. Net loss for the Q307 was $3.7 million, or $0.16 per share, compared to net loss of $0.4 million, or $0.04 per share, in Q306.
Installations for the quarter amounted to approximately 1,000 kilowatts, versus approximately 400 kilowatts for Q306.
“This quarter, Akeena again posted record revenue growth, with top-line results up 125% over last year’s $3.6 million,” said Barry Cinnamon, CEO of Akeena. “This performance puts us squarely on track to meet our full year goal of increasing revenue 135% over 2006. We are experiencing greater demand for our commercial business owing to favorable government rebates and expect this dynamic will open up more opportunities for us to pursue larger contracts in the future.
Cinnamon said, “Our agreement with Suntech reduces our supply risk for 2008 and ensures that we have the necessary production capability to rapidly expand next year and meet anticipated demand for Andalay [the company’s proprietary installation technology].”
Gary Effren, CFO of Akeena added, “Following the close of the quarter, we raised $26.1 million through a private placement of equity with Cowen & Company, which substantially strengthened our financial flexibility. We have nearly $30 million in the bank, no debt and a $7.5 million credit line.”
In mid August, Akeena developed a relationship with Comerica Bank to offer qualified customers a process to finance their solar power needs.
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar installs residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania.
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