"Whereas for the third quarter of 2013 revenue was posted at $157,000, revenue in the fourth quarter of 2013 was $757,000, nearly a five-fold sequential increase. Further, after completing our supplier diversification and cutting costs, including our recent move to a lower cost location in January 2014, the Company’s expected breakeven on sales is far lower than at any time in its history," commented Margaret Randazzo, CEO of Andalay Solar.
Net revenue for the quarter ended 31 December, 2013 was $757,000, compared to $753,000 in the fourth quarter of 2012, and $157,000 in the third quarter of 2013.
For the year ended December 31, 2013, the Company reported net revenue of $1.1m, compared to $5.2m in 2012.
The decline in full year was due to limited inventory levels during the first nine months of 2013 due to supplier relationship issues.
The company began receiving product from a new supplier beginning in September 2013 resulting in significant revenue growth during the fourth quarter of 2013 compared to the prior quarters of 2013.
Thousands of Andalay Solar power systems have been installed across the US, Canada, Mexico, Caribbean and South America.
