Solar3D Reports Second Quarter Revenue of $7.5 Million
Leading Solar Power Company Files Second Quarter 10Q and Reports Record Quarterly Sales
GlobeNewswire
Solar3D, Inc. July 24, 2014 3:15 AM
SANTA BARBARA, Calif., July 24, 2014 (GLOBE NEWSWIRE) -- Solar3D, Inc. (SLTD), a leading solar power company and the developer of a proprietary high efficiency solar cell, today filed its 10Q for the second quarter of 2014. This is the first time it has reported full consolidated financial results since its acquisition of SUNworks, a rapidly growing provider of solar systems, based in Roseville, California. The quarterly report contains SUNworks' second quarter sales of $7.5 million representing an increase of over 600% compared to Q1 2014, resulting in operating profits in excess of $762,000.
"We are thrilled with our second quarter results, which have surpassed our initial expectations," said Jim Nelson, CEO of Solar3D. "SUNworks' revenue and profit margins are outstanding — with sales for the quarter approaching the sales level of all of 2013, and profit already exceeding the previous year. Our future looks brighter than ever."
Solar3D completed the acquisition of SUNworks, a profitable solar systems provider, on January 31, 2014. Nelson calls it an "aggressive" entry into the California solar systems market, where 2013 rooftop solar installations more than doubled from 1,000 megawatts (MW) to 2,000 MW. With the combination of the SUNworks operating division, and the anticipated commercialization of Solar3D's breakthrough 3-dimensional solar cell, the company is well positioned to take advantage of the exploding California commercial and residential solar market.
"We are pleased that the acquisition and financial consolidation since the start of 2014 is finally complete and that we can fully report the exciting growth underway at SUNworks," said Nelson. While organic growth alone is anticipated to make the company substantially larger in 2014, Nelson also reported that Solar3D is actively seeking additional acquisitions to enlarge the SUNworks division, and is in conversations with a number of candidate firms. Additionally, the company's proprietary Solar3D cell is quickly advancing technologically, with announcements expected throughout the year.