Upon the reveal of its financial results for the third quarter 2011, Satcon Technology advised that while its US$45 million in revenue was in line with it previously announced guidance, its revenues quarter-over-quarter remained flat when compared to Q2 2011’s US$45.5 million. The company reported that gross margin for the quarter was 12%, up from 8% in Q2, with the incremental improvement attributed to Satcon’s cost reduction programs and the expansion of its 1.25MW Prism Platform solution.
Satcon advised that North America was once again the company’s best performing region during Q3 representing 91% of its total revenue while Asia accounted for 2% and Europe for 7%. The company additionally noted that revenue for the first nine months of 2011 totaled US$152.5 million, up 51% over the same period last year.
“The demand for our large scale inverter solutions has remained strong, particularly in North America, where we experienced robust growth in the first nine months of the year,” said Steve Rhoades, Satcon’s president and CEO. “Shipments into North America during this period increased 168% compared with 2010, and global shipments grew 68%.”
The third quarter saw Satcon ship 181MW of its PowerGate Plus, Prism Platform and Equinox solutions. The first nine months of 2011 brought an accumulated 653MW of total shipments, 68% better over total megawatts shipped in the same period last year.
“As we look to the remainder of 2011, we expect fourth-quarter revenue to be in the range of US$37 million to US$42 million,” continued Rhoades. “While the slowdown in the worldwide demand for solar has caused 2011 to perform below expectations, we remain optimistic about the future and continue to expect the long term growth of our business to come from North America, with increasing opportunity coming from Asia. We have identified the necessary measures that will enable the company to continue to compete successfully in these regions, and believe we are now on a path to sustainable growth and margin expansion.”