Louisville-based RGS Energy, also known as Real Goods Solar, reported losses of $10.5 million during its fourth quarter results Thursday along with plans to relocate its headquarters to Denver.
The move, to be completed by the end of the month, “significantly reduces rent expense,” the company said in a statement.
RGS’ quarterly revenue of $5.1 million is 47 percent lower than the same period a year ago. The solar company has been struggling for years with negative earnings, cash shortages and plummeting stock prices, threatening its listing on Nasdaq.
To maintain that listing, the company on Thursday began a 1-for-30 reverse split of its Class A common stock, which will reduce the number of shares outstanding from approximately 36 million to 1.2 million.
