California-based Andalay Solar posted fourth-quarter and full-year net losses in 2014, due in part to a lack of solar module inventory caused by the labor disputes that resulted in the West Coast port slowdown.
Andalay, a supplier of integrated solar power systems, posted a fourth-quarter net loss of $905,000, up from $594,000 in the final quarter of 2013. Quarterly revenue dropped 69% to $234,000 year-on-year. The company attributed the sequential decrease in revenue of $372,000, or 61.4%, from the third to the fourth quarter to a limited module inventory caused by the West Coast port delays, which negatively affected Andalays module supplier and delayed their shipments to until mid-December.
"The West Coast port slowdown, whose impacts are still reverberating, caused the late-arrival of raw materials, which in turn delayed production schedules for our new line of American-made modules," said Andalay President and CEO Steven Chan.
Chan added that the company had made good progress in executing its new business strategy of licensing its frame technology to top tier solar manufacturers, most notably putting in place the preparation needed to successfully manufacture and certify a new product for delivery in the second quarter of this year. The Hyundai-branded TG-Series solar modules will be the first to carry the Andalay frame.
Annual revenue up, losses down
Andalays reported full-year revenue of $1.3 million, an increase of 14.6% compared to 2013. The company attributed the higher revenue to improved sales of Andalay solar systems, installations and other services.
The company narrowed its annual net loss to $2.2 million from $2.8 million in 2013.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.