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Opower Announces Third Quarter Financial Results
Company announces major new contract worth nearly $50 million
Revenue of $39 million marks 15 percent year-over-year growth
ARLINGTON, Va. November 10, 2015 Opower (NYSE: OPWR), the global leader in cloud-based software for the utility industry, today announced its financial results for the third quarter of 2015. The company ended the quarter with revenue of $39 million, an increase of 15 percent year-over-year.
Our strong third quarter underscores Opowers success in renewing our largest clients and setting the foundation for revenue acceleration in 2016, said Dan Yates, CEO of Opower. Our software and data leadership continues to be validated by utilities selecting Opower to support their customer engagement efforts.
Opower announced the signing of another major contract with a large U.S. utility worth nearly $50 million over 6 years. The deal covers a large Energy Efficiency program and is part of a master agreement covering operating subsidiaries across multiple states.
Third Quarter 2015 Financial Highlights
|||Total revenue for the third quarter of 2015 was $38.9 million, an increase of 15 percent from the comparable period in 2014.|
|||GAAP operating loss was $8.0 million, compared to an operating loss of $7.4 million for the comparable period in 2014.|
|||Non-GAAP operating loss was $2.6 million, compared to $2.9 million for the comparable period in 2014.|
|||GAAP net loss was $8.3 million, compared to $8.2 million for the comparable period in 2014. GAAP net loss per share was $0.16, based on diluted weighted-average shares outstanding of 51.6 million. This compares to a GAAP net loss per share of $0.17 for the comparable period in 2014.|
|||Non-GAAP net loss was $3.0 million, compared with $3.7 million for the comparable period in 2014. Non-GAAP net loss per diluted share was $0.06, based on diluted weighted-average shares outstanding of 51.6 million. This compares to a non-GAAP net loss per share of $0.08 for the comparable period in 2014.|
|||Adjusted EBITDA was $0.1 million, compared to a $1.1 million loss for the comparable period in 2014.|
|||The Company had $105.0 million in cash, cash equivalents, and investments at September 30, 2015.|
The following information was filed by Opower, Inc. (OPWR) on Tuesday, November 10, 2015 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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