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Opower Announces Fourth Quarter and Full Year 2015 Financial Results
Q4 Revenue Grows 16% year-over-year to $40.5 Million
Revenue Backlog Increases to $480 Million
Largest Deal in Company History Signed with Exelon
Arlington, Va. February 29, 2016 Opower (NYSE: OPWR), the global leader in cloud-based software for the utility industry, today announced its financial results for the fourth quarter and full year 2015. The company closed the year reporting revenue of $148.7 million, an increase of 16 percent year-over-year. The company also announced the largest contract in company history, a five-year deal with Exelon Corporation.
2015 was a strong year for Opower, said Opower CEO Dan Yates. We renewed and expanded contracts with our three largest clients Pacific Gas and Electric (PG&E), National Grid, and Exelon and added significant new clients including Con Edison in New York and a major European utility, each of which signed in Q4. Were seeing great traction with our Customer Care offerings Digital Engagement and Bill Advisor. We now have an expanded product set that qualifies us to address an even wider variety of utility challenges.
Large, long-term contracts signed in 2015 increase Opowers backlog to $480 million as of the end of 2015, nearly double what it was at the end of 2014. The backlog includes contracted but unbilled revenue that will be recognized as new and expanded utility programs are launched.
In addition to strong renewals and new business wins, Opower also successfully launched a series of new products including NextWeb and Bill Advisor; and completed the rollout of its software platform.
Fourth Quarter 2015 Financial Highlights
|||Total revenue for the fourth quarter of 2015 was $40.5 million, an increase of 16 percent from the comparable period in 2014.|
|||GAAP operating loss was $13.4 million, compared to $11.4 million for the comparable period in 2014.|
|||Non-GAAP operating loss was $7.2 million, compared to $6.4 million for the comparable period in 2014.|
|||GAAP net loss was $13.6 million, compared to $11.8 million for the comparable period in 2014. GAAP net loss per share was $0.26, based on diluted weighted-average shares outstanding of 52.0 million. This compares to a GAAP net loss per share of $0.24 for the comparable period in 2014.|
|||Non-GAAP net loss was $7.4 million, compared with $6.8 million for the comparable period in 2014. Non-GAAP net loss per diluted share was $0.14, based on diluted weighted-average shares outstanding of 52.0 million. This compares to a non-GAAP net loss per share of $0.14 for the comparable period in 2014.|
The following information was filed by Opower, Inc. (OPWR) on Monday, February 29, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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