Revenue Projected to Exceed $100 Million Due to Continued Rapid Organic Growth and the Anticipated Closing of the Acquisition of Elite Solar on December 1
ROSEVILLE, CA--(November 23, 2015) - Solar3D, Inc. (SLTD) , a leading provider of solar power solutions, has issued guidance for 2016 stating that the Company expects to generate revenues exceeding $100 million for the year ending December 31, 2016. That figure, an increase of 100% when compared to the recently issued guidance for 2015, is due to the Company's growth trajectory, the acquisition of Elite Solar, and strong financial success that included triple digit year-over-year growth and double digit sequential revenue growth as well as a strong sales backlog.
Solar3D has grown exponentially since January, 2014 when it initiated its growth-by-acquisition strategy of consolidating profitable solar companies with strong leadership and complementary areas of expertise. The Company recently announced revenue of $19.7 million for Q3 2015, more than triple the $6.4 million reported for Q3 2014 due to strong SUNworks organic growth and the addition of MD Energy. The organic growth of these two operating divisions, as well as the Elite Solar acquisition anticipated to close by December 1, position Solar3D as a dominant player in California and Nevada, two of the hottest solar markets in the United States. Last week, Elite Solar reported that it had secured over $7 million in new contracts, adding to an already substantial pipeline, and with an extensive sales pipeline that it expects to close in the near future.
"We issue this guidance as a reflection of the tremendous hard work by our executive leadership in identifying strong companies for consolidation, as well as the execution at the customer level by these subsidiaries," said Jim Nelson, CEO of Solar3D. "The collaboration between existing operating divisions SUNworks and MD Energy has allowed the Company to secure larger projects in key regions within sectors spanning commercial, residential, and agricultural. With Elite Solar expected to close this month and future acquisitions on the horizon -- the revenue of which is not included in this guidance -- we believe in our ability to continue expanding our reach of services into additional high-growth markets. We remain committed to establishing ourselves as an industry leading solar company that delivers cost efficient results for our customers, and long-term value for our shareholders."
About Solar3D, Inc.
Solar3D, a leading provider of solar power solutions, is focused on the design, installation and management of solar power systems for commercial, agricultural and residential customers. Through its wholly owned subsidiaries, Solar3D is one of the fastest growing solar systems providers in California, delivering 2.5 kilowatt to multi-megawatt commercial systems. Solar3D's technology division is developing a patent-pending 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. The Solar3D Cell collects sunlight from a wide angle and lets light bounce around in 3-dimensional microstructures on the solar cell surface. The Company's mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies.
To learn more about Solar3D, visit our website at http://www.Solar3D.com.
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Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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