Active Power, Inc. announced results for its second quarter ended June 30, 2010. Revenue for the quarter was $16.0 million, an increase of 44% from the first quarter of 2010 and an increase of 142% compared to the second quarter of 2009. For the six months ended June 30, 2010, total revenues of $27.2 million was 53% higher than the $17.8 million recorded for the same period in 2009. Gross profit margin for the quarter was 27%, compared to 26% in the first quarter of 2010, and 22% in the second quarter of 2009.
Net loss was $1.5 million, or 2 cent per share. This compares to a net loss of $2.6 million or 4 cents per share in the first quarter of 2010, and a net loss of $3.5 million or 6 cents per share in the second quarter of 2009. For the six months ended June 30, 2010, net loss was $4.1 million or 5 cents per share compared to a net loss of $5.8 million or 10 cents per share in 2009.
Cash and investments decreased by $1.8 million during the quarter to $15.7 million at June 30, 2010, primarily due to increases in working capital to fund future revenue opportunities.
"Active Power has seen significantly higher sales and strong bookings this quarter," said Jim Clishem, President and CEO, Active Power. "This increase in activity across all of our sales channels has allowed us to improve gross and operating margins and positions us to achieve substantial growth for 2010 compared to last year. This is particularly encouraging as we get closer to reaching and sustaining profitability."
"We have had a substantial number of repeat orders, validating the effectiveness of our products and solutions to reduce energy costs and floor space requirements while improving reliability. This also confirms our market positioning and has enabled us to build long term relationships with major corporations worldwide. We expect our business to continue to grow and our financial results to continue to improve for the remainder of 2010 as we approach operating profitability."
