Mechanical Technology Inc. (Albany, NY) reported financial results for its first quarter ended March 31, 2002. For the first quarter ended March 31, 2002, revenue was $0.8 million. This is compared to $1.7 million for the period ended March 31, 2001.
The company's operating loss was $2.7 million for the first quarter ended March 31, 2002, compared to $1.9 million for the same period in the prior year. The company's operational cash usage for the quarter was $2.6 million, in line with stated expectations. The company's net loss for the three-month period was $5.3 million, or $0.15 per diluted share, compared with a net loss of $2.8 million, or $0.08 per diluted share, for the same period a year ago.