RGS Energy eyes break-even by Q1 2018, reports sales rise

US residential and small commercial solar firm RGS Energy (NASDAQ:RGSE) is looking to achieve break-even results in the fourth quarter of 2017 or the first quarter of 2018.

A business update issued by the company shows that it seeks steady and improving progress in sales growth for the remainder of the year. Based on preliminary figures, RGS Energy has increased its net sales by 194% quarter-on-quarter to USD 1.96 million (EUR 1.8m) in the first quarter of 2017 from USD 670,000 in October-December 2016.

According to Human Resources director Karen Rainone, the main driver of the company’s revenue growth strategy is the hiring and training of its sales teams. During the three-month period through March 31, 2017, RGS Energy has grown the size of the residential segment sales organisation by 70% quarter-on-quarter.

RGS Energy, which according to CEO Dennis Lacey is the only debt-free public residential-focused solar company in the country, also plans to expand into new states for sales of solar systems in 2017.

The company preliminarily expects to report working capital at March 31, 2017 of about USD 16 million.

(USD 1.0 = EUR 0.920)

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