Akeena Solar has announced its results for the first quarter ended March 31, 2010. The company reports total revenue of US$6.5 million with a gross profit margin of 23% with strong bookings. Compared to the year-end, backlog increased US$2.0 million, and was more than double the US$4.8 million backlog at the end of the first quarter of 2009.
“Sales mix in the quarter again reflected the success we are having in diversifying our revenue stream,” said Gary Effren, president of Akeena Solar. “We continued to expand our distribution footprint, ending the quarter with 72 dealers in 27 states and Canada since we launched our strategy in the second quarter last year. In the quarter, we expanded our relationship with Lowe’s to include residential installation services for their customers in California, and supplied Andalay AC panels for nine additional stores both within and outside of California.
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“Based on progress in our distribution business and the momentum in residential bookings, we remain confident with our target of EBITDAS breakeven at an $18 million revenue level in the fourth quarter,” concluded Effren.
“Andalay AC panels have been leading the industry towards lower installation costs, improved reliability, better performance and superior safety,” said Barry Cinnamon, Akeena CEO.
“All of these factors are driving adoption and facilitating our efforts to open new distribution channels. As costs decline and credit eases, the technology underlying the Andalay brand helps consumers make the decision that rooftop solar is a cost effective and reliable solution for their energy needs.”