Akeena Solar posts strong Q3 revenue
Shares of Akeena Solar, Inc. (Nasdaq: AKNS) are treading in the green this morning after the designer and installer of solar power systems posted strong revenue growth for the third quarter and guided for robust revenue levels for the year, offsetting results of its widened quarterly loss from a year ago.
For the three months ended Sept. 30, the small cap booked net sales of $8.1 million, compared with net sales of $3.6 million in the third quarter of 2006. An analyst polled by Thomson was expecting revenues of $8.25 million.
Akeena Solar’s CEO, Barry Cinnamon, said in a press release that the current quarter’s 125% revenue growth over the same period last year puts the company on track to meet its 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,” said Cinnamon.
Akeena clocked a net loss for the third quarter of $3.7 million, or $0.16 per share, widening from the net loss of $0.4 million, or $0.04 per share, recorded in the third quarter of 2006. An analyst polled by Thomson was expecting a net loss of $0.13 per share.
The company also noted that it raised $26.1 million through a private placement of equity during the quarter. Akeena said it now has nearly $30 million in the bank, no debt and a $7.5 million credit line.
Shares of Akeena Solar rose (AKNS) $0.69, or 9.45, to $7.99 in pre-market trading. Shares of Akeena Solar have been trading in the range of $2.97 to $10.05 for the past 52 weeks.
