Fuel Cell Technologies Ltd., the operating subsidiary of Fuel Cell Technologies Corp. (FCT, Kingston, ON), a developer of solid-oxide fuel cell (SOFC) systems, posted a first-quarter pre-tax loss of $948,859, improving on the loss of $976,240 a year earlier with sharply higher revenue.
The improvement in earnings before interest, taxes, depreciation and amortization, which came as revenue, jumped 145%, from $253,108 to $619,179. Most of the revenue came from the shipment of the company's SOFC systems. The company will continue to forecast a cash use rate of $250,000 to $300,000 per month for the rest of the year. The company did not disclose its net profit figure for the period ended March 31, 2005.
