Spire Spikes on 157% Rise in Revenue
After the close last night, solar technology firm Spire
released its fourth-quarter earnings results, logging a record revenue of $13 million - a 157% increase over the same period last year. For the quarter, SPIR posted a net loss of $830,000, or 10 cents per share, compared to last year's loss of $2.1 million, or 26 cents per share. On a non-GAAP basis, the company lost 20 cents per share, versus a loss of $1.03 per share last year. The stock surged nearly 7% in early trading following the report.
In an accompanying statement, Chairman and CEO Roger Little said, "This is our fourth consecutive quarter of record revenue, capping off a year where the company nearly doubled its revenues. Our rapid growth was led by a 375% increase in turnkey factory and solar equipment revenues and a 61% increase in our Spire Semiconductor revenues in year-over-year comparisons."
Flying Under the Radar
Unlike other solar companies, sentiment is hard to gauge on SPIR, as the stock has yet to garner much attention on Wall Street. Options are not available on the shares, and Zacks.com reports that no analysts have offered up an opinion on the equity. First Call doesn't even track earnings estimates for the company.
Short sellers, however, have SPIR firmly in their sights. Since September 2007, the number of SPIR shares sold short has soared by more than 300% to account for more than 9.5% of the stock's total float. During the most recent reporting period, these bearish investors reclaimed nearly 2% of their positions, hinting that some short sellers are abandoning their bets. If this trend continues, SPIR shares could benefit from the additional buying pressure.
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