SatCon Technology Reports 106-Percent Revenue Increase for the Second-QuarterMay 11, 2000 by Jeff Shepard
SatCon Technology Corp. (Cambridge, MA) has reported a 106-percent increase in revenues for the second quarter for the period ending March 31, 2000. Revenues for the second quarter increased by $3.8 million to $7.5 million versus $3.7 million in the second quarter of 1999. Revenues for the first six months of 2000 increased by $4.7 million, or 64 percent, to $12.1 million versus $7.4 million in 1999.
The net loss for the quarter was $1.9 million versus $1.2 million in the second quarter of 1999. The net loss per share attributable to common stockholders for the quarter was $0.39 versus $0.14 per share in the second quarter of 1999.
Net loss for the first six months of fiscal 2000 was $4.4 million versus $2.6 million for the previous year. The net loss per share attributable to common stockholders for the first six months of 2000 was $0.65 versus $0.29 in 1999.
"The net loss of $1.9 million for the second quarter primarily represents our continuing investment in the development and commercialization of our power-conversion products for the distributed-power generation market," said David Eisenhaure, president and CEO. "We are making progress in developing our power-converter products for fuel cell power-generation systems."
Over the past quarter, SatCon has introduced the MicroGrid line of fuel cell controllers and software, a new line of digital controllers and software that can integrate into any fuel cell power-generation system from small residential systems to larger, commercial and industrial systems. The MegaVerter modular power inverter was also introduced, aimed for the high-power industrial fuel cell power-generation systems.