Solar3D Reports Second Quarter Revenue of $7.5 Million
24 Juli 2014 - 9:15AM
Solar3D, Inc. (OTC: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.
About Solar3D, Inc.
Solar3D is a leading provider of solar power solutions and the
developer of a proprietary high efficiency solar cell. The
company's SUNworks division focuses on the design, installation and
management of solar power systems for commercial, agricultural and
residential customers. SUNworks is one of the fastest growing solar
systems providers in California and has delivered hundreds of 2.5
kilowatt to 1-megawatt commercial systems and has the capability of
providing systems as large as 25 megawatts. 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.
CONTACT: Press Contact:
Jim Nelson
jnelson@solar3d.com
805/690-9000
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