Dive Summary:

• The California-based Silver Spring Networks lost $64.4 million the first quarter of 2013, compared to a net loss of $18.4 million in 2012.
• 79% of Silver Spring’s revenue in 2012 came from contracts with Florida Power and Light Co., Pacific Gas & Electric, and Oklahoma Gas & Electric.
• Other contracts included Baltimore Gas & Electric, Commonwealth Edison and Progress Energy. To diversify its business, Silver Spring will scale-up its distribution automation and demand-side management services.

From the article:
“Silver Spring is under pressure to diversify its customer base. To be sure, it has a good list of new customers, including San Antonio, Texas-based CPS Energy, and other U.S. customers still expanding their deployments -- U.S. business grew 16 percent in the first quarter compared to the same quarter last year on a non-GAAP basis.”