Bulbs.com posted a strong first quarter in 2021
The company posted Q1 sales of $5.7 million, which is up 17% over prior year and 10% ahead of plan. YTD profits were up 4x versus prior year and 2.5x ahead of plan. Early on the sales of disinfection equipment including UV-C products, sanitizing sprayers, and HEPA air purifiers, provided a boost in sales as many school systems across the country were planning for reopening to in-person learning rather than remote or hybrid models.
In the latter part of the quarter the company observed a resurgence of commercial customers seeking LED retrofit lighting projects. Commercial customers represented 86% of Q1 revenue, bringing the company's segment mix back to the normal 85/15 commercial versus residential revenue split that the company recorded pre-pandemic.
Another notable first quarter milestone for Bulbs.com was the $1.4 million in utility rebate sales. Bulbs.com works nationally with more than 30 utility programs including Duke Energy, MassSave, conEdison and CPS Energy. Sales that include utility incentives are beneficial to both the electric companies and Bulbs.com commercial customers. The company is on pace to surpass the $2.7 million in rebate sales from last year before the close of Q3 2021.
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