Company Achieves Profitability and Record Quarter for Sales and Net Income; 208% Year-over-Year Revenue Growth and 79% Consecutive Quarter Growth; Stronger Sales Backlog of $29.5 Million, an increase of $7 Million Over Second Quarter
ROSEVILLE, CA--(November 06, 2015) - Solar3D, Inc. ($SLTD), 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.
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.
Safe Harbor Statement
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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