Stuart Energy Systems Corp. (TSX:HHO), a developer of hydrogen fuel stations, reports its Q4 loss declined to $7.8 million from a year-earlier $11.4 million as revenue doubled.
Revenue doubled to $5.8 million, the sixth-straight quarter of record sales. The per-share loss for the quarter ended March 31 fell to 24 cents from 49 cents.
The full-year loss was $37.4 million or $1.27 a share – including a one-time charge of $9.8 million related to the integration of Vandenborre Technologies in Europe – compared with a loss of $34.1 million or $1.59 per share in fiscal 2003. Annual commercial sales increased to $17.9 million from $6.5 million.
"In fiscal 2004, we effectively executed our growth strategy, delivered 174% revenue growth, transitioned to positive margins, reduced cash utilization by 49 per cent and added $21.7 million to our balance sheet through a successful equity offering," CEO Jon Slangerup said in a release.
"In addition to strong revenue growth, we currently have a record sales order backlog in excess of $20 million, backed by a robust sales pipeline."
Stuart Energy Systems Corp. develops and supplies hydrogen fuel stations based on water electrolysis. Energy station product sales in fiscal 2004 were $11.7 million for the industrial market and $6.2 million for the power and transportation markets.
Loading...