Dive Brief:
- Opower and FirstFuel have signed a deal to provide an interface system to a utility's entire customer base, including commercial, industrial and residential customers, Greentech Media reports.
- The deal, mentioned during Opower's quarterly earnings call last week, builds on the Opower-FirstFuel partnership marrying data analytics and utility software systems and is the first utility customer the two have signed.
- Opower announced third quarter revenue of $33.8 million, an increase of 50% from the same period last year. The company posted a $7.4 million operating loss for the quarter.
Dive Insight:
Details are are still few, but Opower CEO Dan Yates said during his company's earnings call that a "major expansion" was finalized during the third quarter. Greentech Media reports the deal will utilize Opower's partnership with FirstFuel, which the two companies announced in September.
“We won this business by leading a team of strategic partners. Each partner will integrate its solution with our data platform to produce a unified customer experience,” Yates said. “This is a testament to the maturity of our architecture.”
For the fourth quarter the company said it expects total revenue to be in the range of $33.2 million to $33.6 million, and adjusted EBITDA is expected to be a loss between $5.5 million and $6 million. Total revenue for full-year 2014 is expected to be about $127 million, an increase from prior expectations of total revenue between $120 and $123.5 million. For the year, Opower anticipates adjusted EBITDA is will show a loss of around $15 million.
The deal builds on a busy year for Opower, which made headlines earlier this year for the success of a behavioral demand response pilot program. Opower says that program delivered 5% peak demand reduction simply by asking consumers to power down devices.