U.S. Lighting Group in Euclid, Ohio, is expecting a "significant revenue ramp" in the second half of the year, according to a company statement.
That's because the parent of Cortes Campers had a $5.1 million backlog for its 17-foot fiberglass travel trailers on June 30, U.S Lighting said in a statement.
"We have been focused on winning new orders for our Cortes Campers unit since December 2021 and have successfully received over $5.2 million worth of purchase orders for delivery this year and next," Anthony Corpora, U.S. Lighting's CEO, said in a statement.
"Our plan is to ramp up production in the coming quarters, leveraging these orders to put the company on pace for profitability as well as further investment across our other lines of business," Corpora said.
In June, Corpora said his company's startup camper business had reached the "mass production" phase so it could meet its goal of shipping 20 trailers a week by the end of the fourth quarter.
The parent of Cortes Campers designed and made commercial LED lighting before agreeing to sell the assets of that business in May 2021 for $3.1 million so it could launch the camper business, according to the company's recently filed annual report.
Since that time, U.S. Lighting also has started businesses that design and make molded fiberglass speedboats and off-grid houses, though these two businesses have not yet reported sales.
U.S. Lighting, which shipped its first travel trailer in February, lost $376,000 from continuing operations in the first quarter of 2021 compared to a loss of $295,000 from continuing operations in the same quarter a year ago, according to U.S. Lighting's recently filed quarterly report.
Meanwhile, the company had sales of $76,000 during the first quarter, compared with sales of $2,000 in the same 2021 quarter, according to the quarterly filing.
For 2021, U.S. Lighting reported a net loss from continuing operations of $686,000 on sales of $76,000 compared to a net loss from continuing operations of $889,000 on sales of $43,000 in 2020, according to the company's annual report.
The filings of U.S. Lighting's first quarter and 2021 annual reports were delayed because of "auditing requirements and other factors, which have since been resolved," the company said in a statement.
The company expects to issue second-quarter results on or about Aug. 15, it said.
Shares of U.S. Lighting (OTC: USLG) were down about 7% to almost 15 cents in late-afternoon trading on Thursday.
