Northern Power Systems has announced its financial results for its fourth quarter and year ended December 31, 2014. Year end 2014 highlights are:
- Revenues grew to US$ 56.5 million from US$ 20.6 million in 2013 driven by strong continued demand for the Company’s distributed class turbines.
- Reduced net loss to US$ 7.9 million from US$ 14.1 million in the prior year; reduced full year non-GAAP adjusted EBITDA loss to US$ 4.8 million as compared to a non-GAAP adjusted EBITDA loss of US$ 11.2 million in the prior year.
- Order backlog at December 31, 2014 was US$ 41 million, a 9 percent decrease compared to backlog of US$ 45 million at December 31, 2013.
- Gross margin for the year was 19.6 percent, up from gross margin of 6.0 percent in the prior year.
- Launched full production of next generation distributed class turbine offering improved performance.
- Brazilian partner WEG began shipments of utility class units featuring Northern Power technology; installation proceeding as expected.
- Commenced a collaboration with KEPCO (Korean Electric Power Corporation) on hybrid energy projects in South Korea.