Shares of Maxwell Technologies, Inc. (Nasdaq: MXWL) dived today after the company reported much wider losses for Q3, falling from $1.3 million ($0.08 per share), on revenue of $12 million for Q3 05 to $5.4 million ($0.31 per share) on revenue of $14.0 million Q3 06.
Revenue from its leading BOOSTCAP® ultracapacitor products rose 41% however, from $4.2 million in Q2 06 to $6.0 million in Q3.
Other significant recent developments included:
* collaboration with Alcoa AFL Automotive to develop an ultracapacitor-based cold start system for commercial vehicles; * collaboration with Kromberg & Schubert GmbH in Germany to incorporate ultracapacitors into a highly efficient, low-cost, engine starting system for automobiles; * Enforcement of the company’s ultracapacitor intellectual property position through a patent infringement lawsuit filed against Nesscap Co., a Korean ultracapacitor manufacturer, and * Ongoing expansion of internal production capacity for Maxwell’s proprietary ultracapacitor electrode material and BOOSTCAP products, and continuing progress toward moving large cell assembly to China by early 2007.
Third quarter gross margin increased to 20%, compared with 18% in Q2, reflecting progress in resolving issues related to scaling up ultracapacitor production.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules and POWERCACHE® backup power systems provide reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications.
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