Revolution Lighting Technologies Inc. posted revenues of $43.4 million for the second quarter, up from $43.1 million from the previous second quarter and a 42 percent increase over this year’s first quarter revenue of $30.6 million.
The Stamford company attributed the results to an overall increase in unit sales, as the demand for LED lighting continued to rise. Revenue growth was impacted by lower prices this year in certain retrofit and related LED products than in the second quarter of 2016, according to the company.
Gross profit was $14.2 million and $13.3 million for the second quarters of 2017 and 2016, respectively. Gross profit margin was approximately 33 percent in 2017 compared with 31 percent last year. That improvement came from operating efficiencies and an improved product mix, the company said.
For the six months ended June 30, total revenue was $73.9 million, up 5 percent from the first half of 2016. Gross profit was $24.3 million for the first half of this year, compared with $22.4 million in the same period last year. Gross profit margin was approximately 33 percent in 2017, up 1 percent from last year.
Revolution Lighting reported an operating loss of $4.1 million for the six months ended June 30, up from $2.6 million in the same period in 2016. Company officials atrributed the higher loss to investment in sales and marketing resources, higher intangible asset amortization charges relating to its 2016 acquisition of TNT Energy and an increase in stock-based compensation due to its higher stock price.
The company also had one-time charges with the consolidation of three locations into one new facility in Simi Valley, California, which was completed in the second quarter.
The company also noted recent contract awards that include projects with the U.S. Army, Air Force and the Department of Defense and Marine Corps facilities. Revolution Lighting was added to the Russell 2000 Index in July.