OPEL Technologies released its financial statements for both Q4 2011 and the full 2011 fiscal year. The company confirmed that its revenue for Q4 was US$1.05 million while its annual revenue amounted to US$5.9 million. Both its quarterly and yearly revenues surpassed the amounts posted the year before by US$4.2 million in annual revenue and US$678,806 in quarterly revenue.
The company advised that it had a loss of US$7.73 million in Q4, compared to a US$2.14 million loss in Q4 2010 and an annual loss of US$15.16 million for the year, compared with US$7.99 million in 2010. “We are very pleased with the growth of our 2011 revenue as compared to 2010,” said Michael McCoy, CFO of OPEL. “Our revenue growth was predominately due to the growing acceptance of our TF-800 utility scale tracking system. OPEL’s quoting activities continue to increase; additional new orders are being placed, and installations are increasing with the improved weather in certain regions.”
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OPEL noted that excluding extraordinary one-time write downs, losses would have been US$2.41 million for Q4 and US$9.54 million for the full year. It’s losses for 2011 were impacted by a one-time inventory adjustment of US$3.82 million for older generation solar panels and raw materials for OPEL’s HCPV business.
Installations for 2011 resulted in nearly 6MW of installed solar equipment. OPEL advised that during Q4, it completed two installations in California with Global Energy Services, a solar plant with Aquarion Water and constructed a majority of the solar system with the town of Newtown, Connecticut.
“The financial results for the second half of 2011 show confirmation that OPEL correctly interpreted, then effectively adapted to, the constantly changing markets and conditions which led to the company’s revenue progress.” stated Leon Pierhal, CEO of OPEL. “As stated at last year’s Annual General meeting, we embarked on strategic initiatives to put a stronger focus on our state-of-the-art solar tracking systems. We believe that the growing market acceptance of OPEL’s trackers will continue into 2012 due to the refocusing of our sales, marketing and engineering efforts on this part of our solar business which has proven fruitful with expected growth and continued project acceleration to follow.”
