SatCon Technology (Cambridge, MA) has announced fourth quarter financial results for the period ended 30 September, 2000. Revenue for the fourth quarter increased by $6.3 million, or 157 percent, to $10.3 million versus $4.0 million in the fourth quarter of 1999. Revenue for the year ended 30 September, 2000 increased by $15.6 million, or 100 percent, to a record $31.1 million, versus $15.5 million in 1999.
The net loss for the quarter was $2.2 million, versus $2.6 million in the fourth quarter of 1999. The net loss per share attributable to common stockholders for the quarter was $0.16 per share, versus $0.28 per share in the fourth quarter of 1999. Net loss for the year 2000 was $9.9 million versus $14.3 million for the prior year. The net loss per share attributable to common stockholders for the year 2000 was $1.03 versus $1.57 in 1999.
David Eisenhaure, SatCon's president and CEO, commented, “This past fiscal year has been an exciting one for SatCon. Fueled by acquisitions and new business growth, we were pleased to see our revenues more than double over 1999 to a record $31.1 million. Product revenue more than doubled to $22.4 million and now compromises 72 percent of our total sales." He added, “And, even though our spending on research and development increased by $3.7 to $10.3 million, our net loss for the year narrowed to $9.9 million."