HydroGen Corp. announced its financial results for the fiscal second quarter ended June 30, 2006. HydroGen's net loss was $1.54 million for the quarter, or $0.14 per basic and diluted share, based on the weighted average of 11,013,805 common shares outstanding. This compares with a net loss of $1.64 million for the second quarter ended June 30, 2005 when the company was privately held and organized as a limited liability corporation. For the six-month period ended June 30, 2006, HydroGen's net loss was $2.80 million, or $0.30 per basic and diluted share, based on the weighted average of 9,323,744 common shares outstanding. This compares with a net loss of $2.53 million for the six months ended June 30, 2005.
HydroGen's balance of cash, cash equivalents and short-term investments at June 30, 2006, totaled $28.9 million, as compared to a balance totaling $9.3 million at December 31, 2005. Spending on research and development for the three months ended June 30, 2006, grew to $0.82 million, increasing more than 362% over the same period in 2005.
Commenting on today's announcement, Dr. Leo Blomen, Chairman and CEO of HydroGen Corp., said, "As we move into the second half of 2006, HydroGen is making significant progress in commercializing our proprietary fuel cell technology. Our technical leadership team has brought our manufacturing plant online, and we are close to securing our first demonstration site under the grant program with the State of Ohio Department of Development."
Joshua Tosteson, President of HydroGen Corp., added: "We remain excited about the opportunities within our target industries, and our discussions with potential customers are progressing. Commercial interest in our fuel cell power plants is high because of significant and growing demand for inexpensive, non-polluting electric power sources. We remain focused on executing on our plans for the balance of the year."
