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10
nanotimes Companies
11-04 :: April/May 2011
Altair Nanotechnologies Inc. // Altairnano Increased Revenues by 114% to $2.6 Million
um-ion battery technologies and systems, reported financial results for the first quarter ended March 31, 2011.
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Financial highlights for the first quarter of 2011 compared to 2010:
• Revenues increased 114% to $2.6 million; • Gross margin of $(0.2) million compared to $0.3 million;
• Operating expenses of $5.7 million compared to $6.4 million;
• Net loss of $5.9 million compared to $6.1 million; • Net cash burn excluding the sale of new common shares of $4.7 million compared to $5.8 million.
For the first quarter of 2011, Altairnano reported a 114% increase in revenues to $2.6 million, up $1.4 million from the first quarter of 2010. Customer caused delays in first quarter shipments of lithium titanate to Zhuhai YinTong Energy (YTE) and of bat- tery modules to Proterra, our largest customer in the transportation market, negatively impacted revenues. Without these delays first quarter results would have been considerably higher.
ltair Nanotechnologies Inc. (Altairnano; NASDAQ: ALTI), a provider of advanced lithi-
The net loss was $5.9 million, or $0.22 per share, compared to a net loss of $6.1 million, or $0.24 per share, for the first quarter of 2010. The basic and diluted weighted average shares outstanding for the quarter were 26.8 million, compared to 26.3 million for the same period in 2010.
Altairnano‘s cash and cash equivalents increased by $1.0 million, from $4.7 million at December 31, 2010 to $5.7 million at March 31, 2011.
Furthermore, Altairnano, received notification from Inversiones Energéticas, S.A. de C.V. (INE), that it was exercising its right to terminate the contract signed in February 2011 for the 10 Megawatt ALTI- ESS advanced battery system for frequency control. According to the termination letter, INE‘s action was based upon notice it recently received from SIGET, the government entity that regulates the electric utility market in El Salvador. SIGET stated that the application of this new technology is not feasible in the short term as no procedures exist in the policies of the wholesale electricity market in El Salvador that regulate the operation of systems like the ALTI-ESS.