Silver Spring Networks, the Redwood City smart grid company that celebrated its long-awaited IPO in March, marked another milestone Wednesday: the first earnings call as a public company.
Silver Spring Networks was founded in Milwaukee in 2002 and provides the hardware, software and services that allow the smart grid to function. It has inked deals with several leading utilities, including PG&E and Baltimore Gas & Electric.
Lang highlighted recent partnerships with Masers Energy in Malaysia and Singapore Power.
“Singapore is an island, and they have a lot of challenges regarding their grid. They are leaders in embracing technology,” said Lang during a conference call with analysts. “They moved very fast, and our network is going to touch nearly every part of Singapore.”
SSN reported GAAP revenue of $53.7 million, compared to $55.5 million a year ago. GAAP net loss was $64.4 million as compared with a GAAP net loss of $18.4 million a year ago and included non-cash charges of $42.1 million in connection with the IPO.
In an interview after the call, Lang said that the U.S. market is still their number one market.
“I feel great about the growth in the U.S. market,” said Lang. “There are 150 million homes and businesses in the U.S. About 60 million of them have been awarded (smart grid contracts), which means that there are 90 million more to go. 60 percent of the U.S. has not been awarded yet.”