Solar3D, Inc. announced today preliminary financial results for its fourth quarter and year ended December 31, 2014.
Financial results for the fourth quarter and year ended December 31, 2014 are not yet available. However, the Company has provided certain preliminary estimates of the results of operations that it expects to report for the fourth quarter and full fiscal year. Actual results may differ materially from these estimates due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the fourth quarter are finalized.
Revenues are expected to be in the range of $19.5 million to $20.5 million for the year ended December 31, 2014, reflecting revenue in the range of $5.0 million to $6.0 million for the three months ended December 31, 2014. Adjusted EBITDA is expected to be in the range of $900,000 to $1 million for the year ended December 31, 2014 and cash and cash equivalents were approximately $400,000 as of December 31, 2014.
Solar3D believes that 2015 full year revenues will be in the range of $40 million to $45 million. Included in projected revenues for 2015 are sales from the Company's SUNworks division and newly-acquired MD Energy division. MD Energy is anticipated to generate approximately $7 million in revenue for 2014, with substantial growth expected for 2015.
"The solar energy industry continues to experience growth," said Jim Nelson, CEO of Solar3D. "Finishing the year 2014 with anticipated strong revenue is the result of our team effectively executing on our growth and acquisition strategy. We began the year 2014 with the acquisition of SUNworks as our first acquisition. In 2015 we expect more organic growth, as well as growth from companies that we successfully acquire and integrate."
Mr. Nelson concluded, "We believe that we have an advantage in our growth and consolidation strategy due to our experience in acquiring and integrating companies, the collaborative environment we have created and our first mover advantage in our target market."
The preliminary financial data presented here has been prepared by, and is the responsibility of management. Neither Solar3D's independent registered public accounting firm nor any other independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the estimated results, nor have they expressed any opinion or any other form of assurance on the preliminary estimated financial results. This preliminary information reflects management\'s estimates based solely upon information available as of the date hereof and is not a comprehensive statement of the Company\'s financial results for the quarter or year ended December 31, 2014. The information presented herein should not be considered a substitute for the full unaudited fourth quarter financial statements or the audited financial statements for the year ended December 31, 2014 once they become available.
The ranges for the preliminary estimated financial results described above constitute forward-looking statements. Solar3D has provided a range for the preliminary estimated financial results described above primarily because its financial closing procedures for the quarter and year ended December 31, 2014 are not yet complete and will not be publicly available until approximately late March 2015. There is a possibility that actual results will vary materially from these preliminary estimates. Accordingly, one should not place undue reliance upon these preliminary financial results. Please refer to "Forward-Looking Statements" below. These preliminary results should be read in conjunction with "Risk Factors," "Management\'s Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and related notes thereto included in the periodic reports filed with the SEC including the Company\'s Quarterly Report on Form 10-Q for the period ended September 30, 2014 and Annual Report on Form 10-K for the year ended December 31, 2013.