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.