A123 Systems announced financial results for the quarter ended March 31, 2010. Total revenue for the first quarter of 2010 was $24.5 million, compared to $23.2 million for the first quarter of 2009. Within total revenue, product revenue was $19.8 million, compared to $20.1 million in the first quarter of 2009, and services revenue was $4.7 million, compared to $3.1 million in the first quarter of 2009. Gross loss was ($2.0) million in the first quarter of 2010, compared to a gross profit of $1.8 million in the first quarter of 2009.
Net loss attributable to A123 Systems common stockholders was ($29.0) million, or ($0.28) per share, based on 103.6 million weighted average common shares outstanding in the first quarter of 2010. This compared to a net loss attributable to A123 Systems common stockholders of ($18.7) million in the first quarter of 2009, or ($2.02) per share based on 9.3 million weighted average common shares outstanding.
Adjusted EBITDA, a non-GAAP financial measure, was ($22.8) million in the first quarter of 2010, compared to ($13.7) million in the first quarter of 2009. A123 Systems had cash and cash equivalents of $411 million at March 31, 2010, compared to $457 million at the end of December 31, 2009.
David Vieau, CEO of A123 Systems, said, "We are very pleased with the growing momentum of the advanced battery systems market and A123’s business in particular. We are solidifying our leadership position in the transportation market, where we have been awarded a development program by one of the largest automotive manufacturers to develop next-generation battery cells. This is further validation of the competitiveness of our technology and represents an advancement in our relationship with a major passenger OEM. We also continue to grow in the heavy duty segment of the transportation market where we have been selected by Eaton to supply battery systems for Ford F550 chassis-based plug-in hybrid electric vehicles.
"Since closing our IPO, the number of transportation customers with whom we are engaged in development and design activities has doubled, with over 50% of this increase attributable to passenger vehicle programs. In addition, our customer activity levels in the electric grid market have increased significantly compared to last year. As a result of strong customer demand, A123 has initiated plans to expand final cell assembly capacity by an additional 200 megawatt-hours, which will bring A123’s total worldwide capacity to 760 megawatt-hours."
