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11/06/2009 01:14 PM
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EnerNOC Achieves First Profitable Quarter
SustainableBusiness.com News
EnerNoc (Nasdaq: ENOC), one of the few pure plays in the smart grid space, announced it had its first profitable quarter.
The demand response firm, which went public in 2007, reported $103.1 million in revenue for the third quarter, up from $44.2 million in Q308, and net income of $26.6 million, a sharp contrast to a loss of $3.1 million for Q308.
EnerNoc recently raised almost $80 million, and although a weak economy could hamper results, the company expects to have a profitable year in 2010.
Over the past year, EnerNoc has nearly doubled its megawatts under management. It announced its early entrance into the European demand response market with National Grid, one of the UK's largest grid operators (and an existing customer in the US).
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