US: Azure Dynamics posts Q3 net loss of US$6.4m

By just-auto.com editorial team | 10 November 2010

Hybrid truck electric and electric powertrain company Azure Dynamics Corporation has reported third quarter financial results for the period ending 30 September.

Third quarter revenue totalled US$1.8m compared to US$3.2m in the third quarter of 2009.  For the nine months ended 30 September, revenue was US$8.5m compared to US$5m in the same period a year ago. 

Net loss for the third quarter of 2010 was US$6.4m compared to a loss of US$5.7m in the third quarter of 2009.

Net loss for the nine months ended 30 September 30 was US$17.4m, compared to a loss of US$19.8m in the same period a year ago. 
"Although revenues for the quarter were at the lower-end of our expectations, we continue to expect sales on the Balance Hybrid Electric product for 2010 to hit our targets," said Scott Harrison, Azure Dynamics' CEO.

"Sales were impacted by the transition to the Johnson Controls-Saft battery pack to ensure the Balance Hybrid Electric product included the latest lithium-ion technology as well as the other engineering updates aimed at improving reliability, durability and efficiency.

"This new battery pack was the single largest contributor to our previously stated - and now implemented - product cost reduction plan for the Balance Hybrid Electric.   We are now well positioned to achieve record revenues in the fourth quarter led by our substantially lower cost Balance Hybrid Electric product."