Silver Spring triples revenues, while waiting for IPO

While smart grid networking firm Silver Spring Networks has been waiting over half a year for an IPO, the company managed to more than triple its revenues in 2011, according to its latest amended S-1 filing. For the full year 2011, Silver Spring generated $237.05 million in revenues, up from revenues in 2010 of $70.22 million.

The company also generated its first annual gross profit of $22.95 million for the year 2011, up from the gross losses it’s had in the past. However the company continues to generate an annual net loss, and lost $92.36 million for the year 2011, which represented a smaller loss than the $148.45 million it lost in 2010.

In recent months, while it’s IPO has stalled, Silver Spring has turned to large companies for investments. In December the company raised $24 million from storage and IT giant EMC, and in February entered into a partnership with Japanese giant Hitachi over smart grid product development and potential funding. According to the latest filing, Silver Spring says it “entered into a note purchase agreement with Hitachi and issued a convertible note with an aggregate principal amount of $30.0 million.”

Silver Spring also says in its latest amended S-1, that it now has contracts to connect 22 million smart grid Silver Spring-enabled devices, which is up from the 17 million connected smart grid devices it disclosed in December. Utility customers now include 14:

  • Atlantic City Electric Company, a subsidiary of Pepco Holdings
  • Baltimore Gas and Electric Company, a subsidiary of Constellation Energy Group
  • CitiPower Pty and Powercor Australia Ltd, or CHED, subsidiaries of CHEDHA Holdings Pty Limited
  • Commonwealth Edison Company, a subsidiary of Exelon Corporation
  • Delmarva Power and Light Company, a subsidiary of PHI
  • Florida Power & Light Company, a subsidiary of NextEra Energy
  • Guelph Hydro Electric Systems
  • Jemena Electricity Networks
  • Modesto Irrigation District
  • Oklahoma Gas and Electric Company, a subsidiary of OGE Energy
  • PG&E
  • Potomac Electric Power Company, a subsidiary of PHI
  • Progress Energy Carolinas and Progress Energy Florida, subsidiaries of Progress Energy
  • Sacramento Municipal Utility District, or SMUD