Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced results for the first quarter of 2004. For the three months ended March 31, 2004, product revenues were $2.8 million, an increase of $1.7 million, or 165 percent, from $1.1 million for the same period in 2003.
Research revenues for the first quarter were $262,000, a decrease of $119,000 from $381,000 for the same period in 2003. Product gross margin for the quarter ended March 31, 2004, was -61 percent, an improvement from -150 percent for the same period in 2003. Operating loss for the first quarter was $4 million, an increase of $788,000 as compared to $3.2 million for the first quarter of 2003.
Net loss attributable to common stockholders for the first quarter was $4.6 million, or $0.30 per share, which includes non-cash dividends earned by the Series A convertible preferred stockholders of $665,000. At March 31, 2004, cash, cash equivalents and short-term investments totaled $14.7 million, compared to $20.3 million at December 31, 2003.
