Granted, we are dealing with little acorns, but Westinghouse Solar reported revenue for the second quarter of 2011, up 38% q-on-q and expects revenue to accelerate further from the third quarter onwards as its recently announced new modules gain traction in the market.
Westinghouse Solar reported revenue of US$2.8 million compared to US$2.2 million in the second quarter of 2010 and US$2.0 million in the first quarter of 2011. The company said the growth was due to the expansion of its distribution network and strategic partners, on the back of more competitive pricing.
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“Total revenue was US$2.8 million in the second quarter, a year-over-year increase of 24% compared to the second quarter of 2010, and a 38% increase compared to the first quarter of 2011,” said Barry Cinnamon, CEO of Westinghouse Solar. “We expect our revenue ramp to accelerate now that production of our new, lower cost and larger format panels has started, with our first deliveries to customers scheduled in Q3 2011.”
The PV module manufacturer noted that two of its strategic partners were gaining momentum with projects. The company said that Lennar had standardized on its modules for their new homes in several Texas communities, while Lowe's Home Improvement has started to sell complete Westinghouse Solar systems through its website.
“As solar panels become less expensive there is increasing focus in the industry on balance of system (BOS) and installation costs – areas in which we have concentrated our efforts for years. We believe that the combination of our patented technology and Westinghouse Solar branding gives us a competitive advantage in the marketplace – especially now that ordinary solar panels are becoming commodities,” added Cinnamon.
Gross profit for the second quarter of 2011 was reported to have reached US$194,000 or 7% of revenue, compared to US$342,000 or 15.4% of revenue for the second quarter of 2010, and US$278,000 or 13.9% of revenue for the first quarter of 2011.