Akeena Shares Up Despite Q2 Rev Miss; Smaller Net Loss

In a good omen, perhaps, for solar technology makers First Solar (FSLR) and Evergreen Solar (ESLR), which report tonight after the bell, Akeena Solar (AKNS) shares are rising despite a top-line miss in the company’s Q2 report this morning.

Akeena said revenue in Q2 fell 17%, year over year, to $5.9 million, lower than the $7.1 million consensus forecast, but thanks to a 30% drop year over year in operating expenses, the company was able to report a net loss of 9 cents per share in profit, above the 11-cent loss expected and narrower than the 18-cent loss a year earlier.

The company recorded a big increase in backlog, too, to $7.5 million from $4.8 million at the end of the prior quarter. The company said falling panel prices are helping ease the cost to consumers of installing roof-top solar panels, moving solar “closer to the mainstream.” It also helped the company deliver gross profit of 19.7%, the middle of the company’s forecast range.

The company declined to provide a year forecast, citing “limited visibility” of more costly commercial solar installations. But the company did say that stimulus money coming on line later this year should boost commercial installations.

Akeena shares this afternoon are up 5 cents, or 3.8%, at $1.38.