Solar3D reports financial results for Q2 2014, which include results for its recently acuired SUNworks division. SUNworks reports Q2 sales of $7.5 million, an increase of over 600% compared to Q1 2014, with operating profits in excess of $762,000.
Solar company Solar3D (OTC:SLTD), developer of a high-efficiency solar cell, today reported financial results for Q2 2014. This is the first time the company 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 includes SUNworks’ Q2 sales of $7.5 million, an increase of over 600% compared to Q1 2014, with 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 1000 MW to 2000 MW. With the combination of the SUNworks operating division and the anticipated commercialization of Solar3D’s three-dimensional solar cell, the company believes it’s 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.