Time For Akeena Solar (AKNS) To Deliver, Still No Sign Of Profitability

As expected, Akeena Solar (AKNS) delivered another quarterly loss this morning posting a .10/share loss on revenues of $7 million.  They missed analyst estimates on both.  After many quarters of losses and stagnant revenues, it’s time for the company to deliver and maybe that begins next quarter.  CEOs always put a positive spin on the company and hype up all the deals they have and increasing distribution partners.

CEO Barry Cinnamon is no exception, discussing the big potential of his company in future quarters.  I agree Barry, there are some good pieces in place such as the deal with Lowe’s and now it’s time to deliver!!

Here’s his comment:  “2009 was a turning point for Akeena Solar as we diversified our revenue streams by launching the distribution sales of Andalay AC solar panels. Our patented Andalay technology, new distribution channels, and growing brand awareness provide the foundations for rapid growth in the rooftop solar market.  The traction we are gaining with our new distribution partners — including our growing network of Andalay dealers, Lowe’s home improvement stores, Morgan Stanley Solar Solutions and Highland Solar — is a strong validation of our technology. Andalay AC panel’s built-in monitoring, ease of installation, superior aesthetics and better safety characteristics make it a natural choice for new distribution partners in 2010, including new home builders, as well as HVAC and electrical contractors, seeking opportunities to tap into the solar energy marketplace.”

Looking ahead to next quarter, the company expects a slight improvement over year ago levels, but that’s because of inclement weather in the year ago quarter not because of improving financials.  Ok, maybe the quarter after that will see the benefits of the new technology and distribution deals.. or not.

Shares of AKNS of are down about 6% in premarket trading.

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