- Published: 22 November 2017 22 November 2017
Northern Power Systems (NPS), has announced financial results for its third quarter ended September 30, 2017. Revenue for the third quarter of fiscal year 2017 was at US$ 3.5 million, compared to US$ 12.1 million reported in the prior year period and US$ 17.8 million reported in the second quarter of 2017. Order backlog at September 30, 2017 was approximately US$ 14 million as compared to US$ 25 million at September 30, 2016, and US$ 14 million at June 30, 2017.
Gross profit in the third quarter was 18.5 per cent, an increase from gross profit of 16.7 per cent in the prior year period. GAAP net loss for the third quarter of fiscal year 2017 was US$ 0.8 million compared to a US$ 1.4 million loss in the prior year period and income of US$ 0.9 million in the second quarter of 2017. The company saw delays in Italian orders and therefore lower revenue in the third quarter as customers and the Italian market in general are waiting on expected policy clarifications. Although they do expect an increase in fourth quarter revenue, those policy clarifications have not been issued as of this time which has impacted their revenues as well as backlog of business and they expect will impact them through the fourth quarter. NPS is focused on expanding business opportunities in North America for both distributed wind and turnkey energy storage solutions to reduce their geographic dependence on any single market.