EnerNOC, Inc. (NASDAQ: ENOC), a leading provider of clean and intelligent energy solutions, announced financial results for the third quarter and nine months ended September 30, 2007.
EnerNOC reported the highest quarterly revenue performance in company history – total revenues for nine months were $41.1 million.
For the quarter, revenues were $19.1 million compared to $11 million for Q306. Sales of EnerNOC’s demand response solutions accounted for substantially all of the third quarter revenue in both 2006 and 2007.
“We are very excited about the growth that we achieved this quarter,” said Tim Healy, CEO. “Our core demand response business experienced continued momentum in existing markets and we were able to expand into new geographic regions. In addition, we continued to develop our technology infrastructure, add to our deep talent base, and execute along our strategic roadmap to deliver innovative energy management solutions to our customers.”
Financial Summary
Cost of Revenues – Cost of revenues for the third quarter of 2007 was $11.3 million, compared to $5.2 million for the same period in 2006, an increase of $6.0 million.
Gross Profit – Gross profit for the third quarter of 2007 was $7.9 million. This compares to a gross profit of $5.8 million for the same period in 2006, representing an increase of $2.1 million.
Operating Expenses – Total operating expenses for the third quarter of 2007 were $12.0 million (inclusive of a non-cash stock-based compensation expense of $1.4 million), compared to $3.9 million for the same period in 2006 (inclusive of a non-cash stock-based compensation expense of $31,000), an increase of $8.2 million.
Net (Loss) Income – Net loss for the third quarter of 2007 was $2.5 million, or ($0.14) per basic and diluted share, compared to a net income of $1.9 million, or $0.52 per basic share and $0.13 per diluted share, for the same period in 2006.
Cash – As of September 30, 2007, the Company had cash and cash equivalents totaling $73.8 million, an increase of $64.6 million since December 31, 2006, which is principally the result of the closing of its initial public offering in May 2007.
Marketable Securities – As of September 30, 2007, the Company had marketable securities totaling $12.6 million, which is part of the proceeds from its initial public offering in May 2007.
EnerNOC’s third quarter 2007 business highlights include:
Acquisition of MDEnergy, a leading energy procurement services provider, for $7.9 million in cash and EnerNOC common stock as well as some performance-based future payments
Signing and subsequent approval by the Florida Public Service Commission of an exclusive 25-megawatt contract with Tampa Electric Company Signing of 5-year demand response capacity contract with Southern California Edison to provide, subject to contract approval by the California Public Utilities Commission, demand response capacity, including up to 160 megawatts in the final 2 years of the contract
Approval from the New Mexico Public Regulatory Commission for a 30-megawatt long-term demand response capacity contract with Public Service Company of New Mexico
Growth of commercial, institutional, and industrial demand response customers served by EnerNOC to approximately 691 customers across 2,034 sites, up from approximately 595 customers across 1,852 customer sites as of the end of the second quarter of 2007
Expansion of demand response megawatts under management to approximately 918, an increase of approximately 162 megawatts during the quarter.
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