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RGS Energy, Inc. (RGSE)

  • Tue, Nov. 10, 2:32 PM
    • "To continue to execute our turnaround strategy, which includes expanding our sales and installation capabilities, and to comply with the liquidity covenant of our amended loan agreement, we have engaged an investment-banking firm to assist us with raising additional capital through debt or equity financing," says RGS Energy (RGSE -43.6%) in its Q3 report. A deal (likely to feature significant dilution) is expected by month's end.
    • RGS had just $886K in cash + availability under its current borrowing base as of Oct. 30. Cash + availability under the maximum allowed borrowing base totaled $3.74M. As of Sep. 30, debt via lines of credit totaled $2.7M.
    • Backlog fell by 25.6% Q/Q and 61.6% Y/Y in Q3 to $22.5M. Residential solar backlog totaled $11.5M, and the Hawaiian Sunetric unit's backlog totaled $11M. RGS notes it didn't emphasize originating new sales in Q3, and instead focused on converting its backlog. The company insists it's now "refocused on new sales order generation."
    • Gross margin fell to 14.9% from 16.9% a year ago. Residential GM was 12.5%, and Sunetric GM 19.6%. SG&A spend fell to $4.7M from $9.2M.
    • Q3 results, PR
    | Tue, Nov. 10, 2:32 PM | 4 Comments
  • Tue, Nov. 10, 12:48 PM
    | Tue, Nov. 10, 12:48 PM | 2 Comments
  • Fri, Oct. 16, 2:30 PM
    • After bouncing strongly from their late-September lows over the last two weeks (a rally in crude prices/energy stocks helped), solar stocks are among the laggards (TAN -2.4%) on a day the Nasdaq and S&P are nearly flat.
    • U.S. firms SolarCity (SCTY -5.3%), SunEdison (SUNE -3.6%), Enphase (ENPH -6%), Sunrun (RUN -2.5%), and RGS Energy (RGSE -6.5%) are among the decliners. Others include SolarEdge (SEDG -4.6%), Trina (TSL -2.3%), JinkoSolar (JKS -2.3%), and SunEdison's TerraForm Global (GLBL -2%) YieldCo.
    • SolarCity reports earnings on Oct. 29, and rival Sunrun on Nov. 12.
    | Fri, Oct. 16, 2:30 PM | 67 Comments
  • Fri, Aug. 28, 12:46 PM
    | Fri, Aug. 28, 12:46 PM | 4 Comments
  • Tue, Aug. 11, 12:45 PM
    | Tue, Aug. 11, 12:45 PM | Comment!
  • Fri, Jul. 31, 9:19 AM
    | Fri, Jul. 31, 9:19 AM | Comment!
  • Wed, Jul. 8, 12:45 PM
    | Wed, Jul. 8, 12:45 PM | 3 Comments
  • Mon, Jul. 6, 12:49 PM
    | Mon, Jul. 6, 12:49 PM | 2 Comments
  • Thu, Jul. 2, 10:24 AM
    | Thu, Jul. 2, 10:24 AM | Comment!
  • Tue, Jun. 30, 10:28 AM
    • RGS Energy (NASDAQ:RGSE) has tumbled to $2.21 after disclosing an SEC subpoena related to a 2014 private placement. 627K shares have already been traded, more than 2x a 3-month daily average of 312K. The 52-week low is $2.16.
    • RGS is now down 30% over the last two days, after joining other solar stocks in falling sharply yesterday.
    | Tue, Jun. 30, 10:28 AM | Comment!
  • Mon, Jun. 29, 11:39 AM
    • Solar stocks are among the top decliners on a morning the Nasdaq is down 1.4%, thanks to a global selloff in equities triggered by Greek news. The Guggenheim Solar ETF (TAN -4.1%) is now down 21% from an April peak of $50.00; it's still up 16% YTD, after having tumbled in 2H14.
    • Major decliners include U.S. firms SolarCity (SCTY -4.9%), First Solar (FSLR -4.3%), SunPower (SPWR -4.2%), SunEdison (SUNE -5.1%), Vivint (VSLR -7%), and RGS Energy (RGSE -8.2%), Chinese firms JinkoSolar (JKS -7.4%), Yingli (YGE -6.4%), China Sunergy (CSUN -8.3%), ReneSola (SOL -5.5%), and Trina (TSL -5.4%), and Israeli inverter/power optimizer maker SolarEdge (SEDG -5%).
    • Some news: 1) SunEdison and its TerraForm Power YieldCo have closed their $350M acquisition of Atlantic Power's 521MW wind plant portfolio. 2) SolarCity, vita its homebuilder partner program, has launched new energy storage and fixed-rate solar electricity pricing options in California (easily its largest market). The electricity, provided via 20-year deals, is said to feature a cost "equivalent to the lowest standard residential electricity rates of California's largest utilities." 3) SolarEdge is partnering with system provider Andalay on a solution that allows SolarEdge's optimizers to be quickly integrated with Andalay's solar modules.
    • Last Thursday: Home solar installer/electricity provider Sunrun files for IPO
    • Update: Also possibly hurting the group: A Supreme Court ruling blocking EPA regulations meant to limit emissions from coal power plants. The court ruled regulations need to take costs into account.
    | Mon, Jun. 29, 11:39 AM | 34 Comments
  • Fri, Jun. 26, 9:14 AM
    • RGS Energy (NASDAQ:RGSE) is selling units consisting of 1 common share plus the right to buy 0.3 shares at $4.20 at a price of $3.65, 16% below yesterday's close. Net proceeds are expected to total $4.4M.
    • Shares have fallen to $3.56 premarket. News of the offering comes a day after RGS rose 19% on news it's converting its subordinated debt and "a substantial amount" of its Series A/C warrants into stock.
    | Fri, Jun. 26, 9:14 AM | Comment!
  • Fri, Jun. 26, 9:11 AM
    | Fri, Jun. 26, 9:11 AM | 5 Comments
  • Thu, Jun. 25, 10:17 AM
    • RGS Energy (NASDAQ:RGSE) states it has "converted all of its subordinated debt to Class A common stock and entered into agreements to exchange a substantial amount of its Series A and C warrants for Class A common stock."
    • The subordinated debt conversion involved turning $3.15M in principal and $1.09M in accrued interest owed to top shareholder Riverside Renewable Energy Investment into 1.29M shares at $3.29 apiece.
    • Series A and Series C warrants are being converted into 1.33M shares. RGS also notes Series B warrants have been exercised into 1.55M shares in Q2, yielding net proceeds of more than $4M.
    • RGS had $992K in cash at the end of Q1, $1.96M in term loan/credit line borrowings, $3.15M in related party debt, and $9.9M in warrant liabilities. As of May 5, cash + available borrowings under the maximum allowed borrowing base totaled $3.26M.
    | Thu, Jun. 25, 10:17 AM | 3 Comments
  • Wed, Jun. 24, 12:45 PM
    | Wed, Jun. 24, 12:45 PM | 3 Comments
  • Fri, Jun. 12, 12:45 PM
    | Fri, Jun. 12, 12:45 PM | Comment!
Company Description
Real Goods Solar Inc is a residential and commercial solar energy engineering, procurement, & construction firm. It offers services, including design, procurement, permitting, build-out, grid connection and warranty & customer satisfaction activities.