Beacon Power Releases Q1 2001 Financial Results

May 10, 2001 by Jeff Shepard

Beacon Power Corp. (Woburn, MA) announced its financial results for the first quarter ended March 31, 2001. For the first quarter of 2001, Beacon Power reported a net loss of $5.8 million, or $0.14 per share, as compared to a net loss of $3.2 million in the first quarter of 2000. In the first quarter of 2001, Beacon invested $4.4 million on R&D, $1.6 million on SG&A and had depreciation costs of $0.3 million, partially offset by other income of $0.5 million. As of March 31, 2001, Beacon Power had $54.1 million in cash and cash equivalents.

“Beacon continues to make outstanding technical and manufacturing progress on our commercial 2kWh flywheel products, now entering operational trials, as well as our next-generation 6kWh units, which we expect to begin prototype testing in the second quarter," said Beacon Power President and CEO William E. Stanton. “We are on track with our progress to penetrate this exciting market, and our business outlook is excellent."