In an updated filing, smart grid company Silver Spring Networks reported its latest financial filings for the past six months ended June 30, 2011. For that time period, the smart grid wireless network maker brought in revenues of $115.50 million, up from $21.74 million for the same period in 2010, and reported a net loss of $54.39 million, down from a loss of $77.03 million for the same period in 2010.
The updated results show steady financial progress for Silver Spring Networks, which indicated its plans to go public in an IPO back in July. In addition, Silver Spring Networks reported it had generated a positive gross profit of $6.52 million for the six-month period in 2011, compared to a gross loss of $31.89 million for the same period in 2010, and gross losses for the full years 2008, 2009 and 2010.
Selling smart grid networks to utilities is a difficult businesses. A handful of large utilities — Florida Power & Light, PG&E and Modesto Irrigation District — make up the bulk of reported revenues, and the company’s deals take many months — if not years — to record. Silver Spring Networks has a backlog of deals in the works, for which it hasn’t yet recorded revenue, and as of June 20, 2011, Silver Spring said it had $412.7 million in deferred revenue.
However, Silver Spring Networks also isn’t yet profitable and is still recording net losses. As of June 30, 2011, the company had accumulated deficit of $422.8 million.
Over the next six months to a year, the company will slowly be able to record that backlogged revenue and could start an upswing in time for its IPO. Well, that’s the good news on the IPO front. The bad news is that the IPO window has decidedly slammed shut due to all of the stock market fluctuations, we’re hearing until at least Labor Day. So it could be awhile.