SANTA BARBARA, CA--(Marketwired - May 15, 2014) - Solar3D, Inc. (OTCQB: SLTD), a leading solar power company and the developer of a proprietary high efficiency solar cell, today filed its 10Q for the first quarter of 2014, the first regular filing that includes partial results of its new acquisition, SUNworks.
Jim Nelson, CEO of Solar3D, commented, "First quarter filed results are not indicative of what SUNworks is going to do for Solar3D, nor do they show the rapid expansion of the SUNworks business. Because the acquisition was completed part way through the first quarter of this year, this 10Q filing contains only some of SUNworks results. Also, historically for SUNworks, the first quarter is always the slowest in terms of revenue recognition. As we worked through the business consolidation last quarter, much of the revenue that could have been recognized in Q1 was actually recognized in the early days of Q2. Recognized revenue for the month of April alone was $1.5MM. Combined residential and commercial contracted backlogs are already over $8MM and new sales have taken off."
"We are experiencing new sales of over $1MM per month on the residential side of our business and we have tens of millions of dollars of bids out on exciting commercial and agricultural projects that should yield substantial revenue over the next few months," said Abe Emard CEO of SUNworks.
Nelson added, "We are pleased that the acquisition and financial consolidation is finally complete and we look forward to fully reporting the truly exciting growth that is underway at SUNworks."
Solar3D completed the acquisition of the profitable company, SUNworks, on January 31, 2014, opening what Nelson calls an "aggressive" entry into the solar systems market. Organic growth alone is anticipated to make the company substantially larger in 2014. Nelson also reported that Solar3D is actively seeking additional acquisitions to enlarge the SUNworks division.
Solar3D continues to pursue the strategy of seeking additional acquisitions to join its SUNworks division, as well as the development of the Solar3D cell. "Our future looks brighter than ever," said Jim Nelson, CEO of Solar3D. "Our ultimate mission is to provide affordable and efficient solar power to the world. We would like to set the standard for the industry in meeting this goal."
About Solar3D, Inc.
Solar3D is a leading provider of solar power solutions and the developer of a proprietary high efficiency solar cell. The company's SUNworks division focuses on the design, installation and management of solar power systems for commercial, agricultural and residential customers. SUNworks is one of the fastest growing solar systems providers in California and has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability of providing systems as large as 25 megawatts. Solar3D's technology division is developing a patent-pending 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity. The Solar3D Cell collects sunlight from a wide angle and lets light bounce around in 3-dimensional microstructures on the solar cell surface. The Company's mission is to further the widespread adoption of solar power by deploying affordable, state-of-the-art systems and developing breakthrough new solar technologies.
To learn more about Solar3D, visit our website at http://www.Solar3D.com.
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