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Growth Moves Retail Supplier Parent Toward Break-Even Levels
Gross margin growth pushed ONEnergy Inc.'s earnings for the three months ended September 30, 2015 towards break-even levels, the company reported
ONEnergy is the parent of retail supplier Sunwave Gas & Power Inc. as well as HVAC/water heater and energy efficiency companies
ONEnergy said that its adjusted EBITDA loss and net loss showed significant improvement and approached near break-even levels at $0.4 million and $0.5 million, respectively, compared to adjusted EBITDA loss and net loss of $1.9 million and $2.3 million during the year-ago quarter (all $ Canadian).
Quarterly gross margin also increased to $1.6 million from $1.1 million during the same period in the previous year.
For the three-month period ended September 30, 2015, revenues increased by 180 percent to $7.2 million versus $2.6 million during the corresponding period in 2014
The retail supply business contributed $6.2 million of the revenue for the quarter ending September 30, 2015, with $5.5 million of that total attributed to the U.S.
ONEnergy's U.S. operations are, "delivering strong organic customer growth and record revenues and new customer additions," said Mark Lewis, Chief Executive Officer of ONEnergy.
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November 18, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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