Andalay Solar, a provider of integrated solar power systems, has reported 136 percent increase in revenues to $307,000 during the second quarter of 2014 compared to the same quarter previous year.
Over the previous quarter, the revenue increased 115.4 percent, from $142,000 in the first quarter of 2014, the company said.
Revenue increase year over year was mainly attributed to an increase in watts sold and due to limited inventory levels during the second quarter of 2013.
The sequential increase in revenue of $164,000 as compared to the first quarter of 2014 was due to an increase in watts sold and due to seasonally lower sales during the first quarter driven by winter weather.
Commenting on the results, Steven Chan, CEO of Andalay Solar, said, “The Company’s team is the most streamlined that it has ever been and is fully focused on growing sales and working with key partners.”
Chan added, “We are building positive momentum and growing our revenues sequentially thus far this year and expect to continue growing our sales for the rest of 2014 as we expand our network of partners and customers.”
Net loss from continuing operations was $631,000 in the second quarter of 2014 compared to $413,000 in the same period last year, and a net loss of $70,000 in the first quarter of 2014, the company said.