Neah Power Systems, Inc. announced financial results for the second quarter and six months ended June 30, 2007.
There were no revenues for the three and six months ended June 30, 2006 and 2007. Net loss for the second quarter of 2007 was $1.9 million, or $0.02 per share, compared to net loss for the second quarter of 2006 of $1.8 million, or $0.02 per share. Net loss for the six months ended June 30, 2007 was $4.3 million, or $0.04 per share, compared to $3.4 million, or $0.06 per share for the six months ended June 30, 2006. Neah Power Systems had $1.9 million in cash and cash equivalents at June 30, 2007.
"In the second quarter, we made continued progress towards our 10-Watt fuel cell prototype, which we anticipate will be completed by September 30th," stated Daniel Rosen, Executive Chairman of Neah Power Systems. "In July, we finalized our contract with the Office of Naval Research in the amount of approximately $1.4 million. Neah Power anticipates generating operating revenues from this contract in the third quarter. We remain excited about the technological and revenue potential of our technology and look forward to bringing the benefits our fuel cells delivers to the military, our initial target market."
