Maxwell Technologies has posted a third quarter net loss of US$1.4m, an improvement from US$9.4m in the second quarter.
Total revenues for the third quarter of 2015 were US$45.1m, an increase of 19.3% from the second quarter of 2015 and an rise of 8.4% from the prior year quarter.
Ultracapacitor revenue increased to US$31.8m, an increase of 35.6% from the second quarter of 2015 and an increase of 10.4% from the prior year quarter. The company reported US$3.8m of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the third quarter of 2015, compared with $711,000 in the second quarter of 2015 and US$1.6m for the prior year quarter.
"During the third quarter, we made meaningful progress transitioning our business to higher growth opportunities and executing on our restructuring plan, which is already yielding positive results," said Maxwell president and CEO, Franz Fink.
"We achieved better than expected revenue, primarily driven by upside demand in the China hybrid bus market. We expect this strength to continue into the fourth quarter. While we expect the new China hybrid bus policy to put pressure on our top-line revenue early in 2016, we believe there is a long-term baseline business for ultracapacitors in that market."
"As our business evolves and diversifies, our continued focus on costs and operational efficiencies should position us for sustainable profitability over the long term. Maxwell's opportunity is large and growing, with our current served available market of nearly US$600m expected to grow to more than US$1.4bn by 2020 and further beyond that.