Northern Power Systems Corp (TSE:NPS) had revenue of $42.6 million as of September 14, a 250% year-over-year increase, according to Troy Patton, CEO of the company. He was speaking at the 17th annual Needham Growth Conference at the Palace Hotel in New York City.
The company designs, manufactures, sells and services Permanent Magnet Direct Drive wind turbines, which can be used in other power management applications. The Northern Power customers “don’t care about wind or trees — they care about low-cost power,” Patton said.
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Patton did not take questions after his presentation. Northern Power Systems has filed a registration statement with the SEC relating to a proposed public offering of common shares. It has applied for listing on the NASDAQ Capital Market. The shares to be offered and price range has not been determined.
Northern Power has an installed base of 450 turbines globally, which translates to a “50% market share and growing,” Patton said. The company has a backlog of $47 million as of September 30, representing a 30% increase year-over-year, and is targeting its gross margin expansion to between 25% and 30% by year end, Patton said.
Product sales and service account for 90% of revenue, with the remainder coming from technology licensing and technology development, Patton said.
The company has a strong presence in Europe and the U.K., and hopes to expand in the U.S. and enter the Asian market, Patton said. Its growth strategy includes directly selling utility scale turbines in smaller, underserved markets.
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