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Parent of Retail Supplier Posts Higher Revenues
ONEnergy Inc., the parent of Sunwave Gas & Power Inc., posted higher revenue in the quarter ending June 30, 2015.
ONEnergy generated revenue of $6.0 million in Q2 2015, compared to $1.7 million for the same period in 2014 (all $ Canadian unless noted).
Revenues from retail supplier Sunwave Gas & Power were $4.9 million for the quarter, versus $1.1 million a year ago. Revenue for 2015 arose from sales of natural gas and electricity to customers in Ontario, and sales of electricity in Connecticut, Pennsylvania and Massachusetts. Sunwave Gas & Power’s revenue for 2014 was derived primarily from Ontario. U.S. operations contributed $4.1 million for the three months ended June 30, 2015, compared to $419,000 for the same period in 2014.
Gross margin at the parent level was $1.7 million for the second quarter of 2015, versus $596,000 a year ago. Gross margin from the retail supplier segment was $910,000 for Q2 2015, versus $254,000 a year ago.
ONEnergy reported a loss on an Adjusted EBITDA basis of $191,000 for Q2 2015, versus a year-ago Adjusted EBITDA loss of $1.9 million.
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August 18, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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