As expected, Akeena Solar (AKNS) delivered another quarterly loss this morningposting a .10/share loss on revenues of $7 million. They missedanalyst estimates on both. After many quarters of losses and stagnantrevenues, it’s time for the company to deliver and maybe that beginsnext quarter. CEOs always put a positive spin on the company and hypeup all the deals they have and increasing distribution partners.
CEO Barry Cinnamon is no exception, discussing the big potential ofhis company in future quarters. I agree Barry, there are some goodpieces in place such as the deal with Lowe’s and now it’s time todeliver!!
Here’s his comment: “2009 was a turning point for Akeena Solar aswe diversified our revenue streams by launching the distribution salesof Andalay AC solar panels. Our patented Andalay technology, newdistribution channels, and growing brand awareness provide thefoundations for rapid growth in the rooftop solar market. The tractionwe are gaining with our new distribution partners — including ourgrowing network of Andalay dealers, Lowe’s home improvement stores,Morgan Stanley Solar Solutions and Highland Solar — is a strongvalidation of our technology. Andalay AC panel’s built-in monitoring,ease of installation, superior aesthetics and better safetycharacteristics make it a natural choice for new distribution partnersin 2010, including new home builders, as well as HVAC and electricalcontractors, seeking opportunities to tap into the solar energymarketplace.”
Looking ahead to next quarter, the company expects a slightimprovement over year ago levels, but that’s because of inclementweather in the year ago quarter not because of improving financials. Ok, maybe the quarter after that will see the benefits of the newtechnology and distribution deals.. or not.
Shares of AKNS of are down about 6% in premarket trading.