SPI Solar announced its results for the second quarter ended June 30, 2014. The company has completed the previously announced private placement of $21.75 million and entered into a new private placement agreement for an additional $25 million, which will improve SPI’s balance sheet.
Second-Quarter 2014 Results:
Total net sales for the second quarter of 2014 were $6.3 million, compared with $4.2 million for the second quarter of 2013. For the first quarter of 2014, SPI Solar reported total net sales of $3.6 million.
Total cost of goods sold for the second quarter of 2014 was $5.8 million, compared with $3.3 million for the second quarter of 2013. Total cost of goods sold for the first quarter of 2014 was $3.4 million.
Total operating expenses for the second quarter of 2014 were $1.2 million, compared with $7.4 million for the second quarter of 2013. Operating expenses for the first quarter of 2014 were $1.3 million.
During the second quarter of 2014, SPI Solar entered into an agreement with a non-U.S. investor and issued an $11 million convertible bond, bearing no interest. The convertible bond includes a $10.3 million beneficial conversion feature, which was recognized separately at issuance, resulting in a discount on the convertible bond, which will be amortized into interest expense. Interest expense of $0.7 million was recorded during the second quarter of 2014.
Net loss for the second quarter of 2014 was $1.3 million, or ($0.01) per basic and diluted share. This compared with a net loss of $6.8 million, or ($0.03) per basic and diluted share, for the second quarter of 2013, and with a net loss of $0.8 million, or ($0.00) per basic and diluted share, for the first quarter of 2014.
Second-Quarter 2014 and Recent Updates: