Silver Spring Networks, Inc. (NYSE: SSNI) today announced preliminary unaudited financial results for its second quarter ended June 30, 2013.
Non-GAAP revenue (billings) for the second quarter was $86.5 million, up 17% year-over-year, driven by growth in service and product revenue. GAAP revenue was $103.5 million as compared to $51.6 million a year ago.
Non-GAAP gross profit margin was 30.1%, up sequentially from 29.2% in Q1 and down as expected when compared to 33.6% a year ago due to changes in non-GAAP revenue mix. GAAP gross profit margin was 46.6% as compared to 12.9% a year ago.
Non-GAAP net loss was $4.5 million as compared with a non-GAAP net loss of $1.1 million a year ago. GAAP net income was $9.5 million as compared with a GAAP net loss of $23.4 million a year ago.Silver Spring ended the quarter with $125 million in cash. “We had a strong second quarter with 17% growth year-over-year and delivered innovative new products,” said Scott Lang, Chairman, President, and Chief Executive Officer. “We continue to execute on our technology roadmap delivering solutions to our customers that enable them to unlock even greater value from our leading networking platform.” Business Highlights (through August 1, 2013)
- 17 million cumulative network endpoints delivered from inception through June 30, 2013 – up 22% from a year ago.
- SmartCo agreement to deploy networking platform in New Zealand unlocking benefits for lines companies, energy retailers and consumers in a disaggregated energy market.
- Snohomish County Public Utility District contract for distribution automation solution.
- Modesto Irrigation District selects advanced Conservation Voltage Reduction solution from Silver Spring and DVI, a subsidiary of Dominion.
- Oklahoma Gas and Electric expands demand response program by adding UtilityIQ Demand Optimizer application to the platform.
- EVESA, first customer for new street light solution in the City of Paris.
- Pacific Gas and Electric renews managed services agreement for five years.
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