News

ENER1 Reports Third-Quarter 2009 Results

November 12, 2009 by Jeff Shepard

Ener1, Inc. announced financial results for its 2009 third quarter, which ended September 30, 2009. Revenue for the 2009 third quarter was $8.1 million compared to $7.5 million in the second quarter of 2009 and $39 thousand in the third quarter of 2008. Nine month sales were $23.8 million.

"Ener1 has seen a substantial uptick in customer inquiries over the past three quarters," said Ener1 Chairman and CEO, Charles L. Gassenheimer. "Since the fourth quarter of 2008, Ener1 has increased the number of customer discussions fivefold, and has now had talks with over 200 customers. The number of active programs has doubled in such time from 15 to 34."

"Having this kind of visibility into the customer pipeline is invaluable as the company prepares for a capacity expansion at its US facility from 300 thousand kWh today to 3.4 million kWh around the 2015 timeframe, in addition to an existing 300 thousand kWh of installed capacity at our Korean facility," continued Charles Gassenheimer. "We also anticipate launching our grid storage business unit by the end of the year and announcing our first commercial program."

Third quarter operating expenses were $13.2 million compared to $12.5 million in the second quarter of 2009 and compared to $8.7 million in the third quarter of 2008, as Enertech operations were included for the full quarter in 2009.

Research and development expenses were $7.6 million in the third quarter of 2009. General and administrative expenses were $4.3 million in the third quarter of 2009. The net loss per share was $.14 in 2009 compared to $.08 in 2008. Under the Open Market Sales Program, from May 26 through its conclusion, Ener1 sold common stock of $40 million at an average price of $6.72 per share. Unrestricted cash at September 30 was $17.9 million.