OneRoof Energy announces its Q1 2014 results. The company reports growth in headcount and partnerships, with total revenue for the first quarter 2014 increasing to $1.5 million from $114,000 in Q1 2013.
This week, solar provider OneRoof Energy Group, Inc. announced its financial and operational results for the first quarter ended March 31, 2014.
“We made significant progress in the quarter as we continued to invest in our operational capabilities and sales channel so that we are positioned to capitalize on the rapid growth within the residential solar market,” said David Field, President and Chief Executive Officer of OneRoof Energy Group, Inc. “We are uniquely positioned to serve a growing ecosystem of channel partners who want to offer residential solar to their customer base, while at the same time reducing the cost of energy to US residential homeowners… Our recently announced alliances with energy retailers and home services companies demonstrate early success of our channel strategy, ability to scale our operations, and rapidly increase our acquisition of customers while decreasing the overall cost to do so.”
For details, see the OneRoof Investor Relations site.
Q1 2014 highlights
The company highlighted these Q1 2014 milestones:
Key operating highlights in the quarter include:
Deployed 0.67 MW in the first quarter
Total cumulative MW deployed reached 8 MW
Gross bookings totaled 337 systems during the quarter, an increase of 112% year-over-year
Cumulative customers surpassed 1,500 as of March 31
Key strategic milestones since the beginning of the year include:
Launched proprietary residential solar API (application programming interface) library
Expanded OneRoof Energy operations to Massachusetts and New York
Expanded the reach of OneRoof Energy’s Professional Affiliate Channel
Announced the expansion of Phoenix call center
Launched marketing alliance with Choose Energy
Introduced OneRoof Energy SolarSelect® bundled residential energy offering in Massachusetts
Continued negotiations with retail energy providers to leverage the OneRoof Energy fulfillment platform
Q1 2014 income statement
For the first quarter of 2014, core operating lease revenue was $270,000, up 273% from $72,000 in the first quarter of 2013, due to an increase in cumulative operating lease MW deployed. In addition, the sold system revenue for the first quarter of 2014 was $517,000, compared to zero in the first quarter of 2013, as the company started selling systems to third parties in the fourth quarter of 2013. Total revenue for the first quarter 2014 increased to $1.5 million from $114,000 in Q1 2013.
Gross profit margin on held leases was 22.0% and sold systems was 2.1% in the first quarter. Consolidated gross profit (loss) margin was (56.4)%.
Total operating expenses were $8.1 million for the first quarter of 2014 as compared to $3.8 million in the first quarter 2013. Consistent with the strategy shift in the company’s business model, headcount increased significantly as the company transitioned its focus from dealer-led to direct channel sales. In addition, the company continued to invest in its sales and marketing infrastructure to support lead generation and other corporate marketing initiatives.
Loss from operations in the first quarter of 2014 was $8.9 million as compared to $9.1 million in the first quarter of 2013.
IFRS net loss attributable to stockholders per basic and diluted share was $(0.66).
“We are deliberately investing for the long-term as we capitalize on the significant opportunity in solar,” commented Dan Halvorson, Executive Vice President and Chief Financial Officer. “As we expand our geographic footprint, focus on operational efficiencies, and build-out our sales and marketing infrastructure, we are investing in a business model that can scale quickly while driving down the costs associated with deploying solar systems.”
Earnings conference call
A replay of the earnings conference call can be accessed by dialing 1-855-669-9658 for Canadian callers, 1-412-317-0088 for international callers outside of Canada, and 1-877-344-7529 for callers in the United States. The passcode for the replay is 10046364. The replay will be available until June 16, 2014 at 9:00 am (Eastern Time).
Interested investors may also listen to a simultaneous webcast of the conference call by logging on at the “Investor Events and Presentations” link of the Investor Relations section of the Company’s website. The online replay will be available for a limited time.