Solar power system developer and manufacturer, Westinghouse Solar, Inc., announced first quarter revenue of $2.4 million today following yesterday's announcement of its merger agreement with Australian renewable energy company, CBD Energy Limited.
Total revenue was up 22 percent from quarter one of last year.
Interim CEO, Margaret Randazzo, attributes the year-over-year increase to substantial growth in the company's retail channel as a result of increased customer interest levels and improved online sales of its 'solar-in-a-box' kits sold at Lowe's Home Improvement.
The firm also reported first quarter gross profit of $242,000, accounting for 10 percent of revenue, up from 8.9 percent in fourth quarter 2011.
While Westinghouse experienced significant financial gains this past quarter, Canadian Solar Inc. announced disappointing first quarter results with net revenue down 26.5 percent from $443.4 million to $325.8 million and gross margin down from 8.7 percent in fourth quarter 2011 to 7.7 percent in the first quarter of 2012.
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