Maxwell Technologies, Inc. (Nasdaq: MXWL) reported lower net losses for the third quarter ending September 30, 2007.
Net loss was $2.6 million ($0.13 per share) on revenue of $14.2 million compared to $5.4 million, ($0.31 per share) on revenue of $14.0 million for Q306. BOOSTCAP® ultracapacitor revenue increased 28% from $3.9 million in Q207 to $5.0 million in Q307, and the ongoing transition to lower cost offshore ultracapacitor assembly contributed to an increase in gross margins from 20% in Q207 to 24% in Q307. The company expects sales growth and gross margins to continue improving in Q4.
CEO David Schramm said, “The primary near-term revenue drivers for our BOOSTCAP products continue to be wind turbine pitch systems, industrial applications, including automated utility meters and power quality and backup power for telecommunications, and heavy transportation, including hybrid and electric buses and trucks and electric rail vehicles.”
“Longer term, we continue to believe that automotive applications — both in managing increasing demands on the electrical system and in various hybrid vehicle configurations — represent the largest market opportunity for ultracapacitors, and we continue to devote significant energy and resources to collaborative development programs with automakers and Tier 1 automotive suppliers.”
Other significant recent developments include:
– contract with Mercedes Car Group to design and produce ultracapacitors for an advanced engineering hybrid-electric drive train program incorporating a braking energy recuperation system that enables it to increase fuel efficiency and reduce emissions.
– $3 million contract with Astrium Satellites for space-qualified single board computers for the European Space Agency’s “Gaia” astronomy mission.
– Selection of Maxwell’s BOOSTCAP ultracapacitors for short-duration bridge power in Dantherm Power’s fuel cell-based uninterruptible power supply (UPS) system for telecommunications and fiber broadband facilities.
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