Northern Power Systems Corp. has announced financial results for its first quarter ended March 31, 2015. Revenues for the three months ended March 31, 2015 were US$ 8.3 million, compared to US$ 13.8 million in the first quarter of 2014.
GAAP net loss for the first quarter of 2015 was US$ 4.1 million, compared to a net loss of US$ 3.1 million in the prior year first quarter. Order backlog at the end of Q1 was US$ 43 million, an increase of US$ 2 million during the quarter. First quarter revenue was impacted by delayed sales in Italy pending certain policy clarifications in that region and reduced blade availability resulting from their prior blade manufacturer ceasing operations. At the same time however, they saw an anticipated return to healthy order closure, particularly within the Italian market. Orders for our distributed turbines in the first quarter doubled as compared to the fourth quarter. Furthermore, favourable regulations were formally announced in Italy in April and backlog has climbed and they remain on track to report annual growth in fiscal 2015 above 2014 levels.