Struggling US solar installer RGS Energy seeking more funds

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

The company reported weak third quarter 2015 results that left the company with cash and cash equivalents of US$1.2 million.

Management noted in its earnings call that it had engaged with an unidentified investment banking firm to raise additional capital through debt or equity financing. RGS Energy said that it expected a “transaction by the end of the month”, without disclosing the amount of capital being raised. 

No financial analysts seemed to be on the earning calls to ask questions.

RGS Energy had previously made a 1-for-20 reverse stock split to remain listed on the NASDAQ as well as issuing new shares to raise capital in 2015.

Financial results

RGS Energy reported third-quarter 2015 revenue of US$10.4 million, down from US$14.7 million in the previous quarter and US$18.9 million in the third quarter of 2014. 

The company installed PV systems on 253 roofs in the third quarter, compared to 438 installations in the previous quarter and 548 installations in the third quarter of 2014.

The company reported a net loss of US$4.3 million in the quarter. 

“During the quarter, we continued to make progress on our turnaround plan, including cutting our operating loss more than in half compared to the same year-ago quarter,” said Dennis Lacey, CEO of RGS Energy. “However, the lower revenue reflects how our challenging financial condition has continued to limit our ability to grow our sales and installation capabilities.”

Read Next

April 18, 2019
Official stats find 210% rise in large-scale PV workforce in past two years but associations warn rules for mandatory electricians could stifle growth.
August 24, 2016
Industry leader DuPont Photovoltaic Solutions and Italian EPC firm Enerpoint share best practices for installing rooftop PV systems.
May 23, 2016
GTM Research’s latest report, US Commercial Solar Landscape 2016-2020, details how the top ten developers in the country account for just 42% of the overall commercial solar market.
April 25, 2016
French electricity giant EDF Renewable Energy has signed an agreement for the acquisition of Global Resource Options, groSolar, continuing its expansion in renewables in the US.
January 7, 2016
US residential installer Sunrun said it would exit the PV market in Nevada with the loss of hundreds of jobs due to the recent negative changes by the Public Utilities Commission (PUC) in Nevada to net metering and charges on people operating solar systems.
November 17, 2015
US solar installer Vivint Solar reported both bookings and installations in the third quarter of 2015 below the prior quarter, indicating growth has stalled in the last six months. Major renewable energy provider SunEdison is in the process of acquiring the company.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Webinar
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021