Mechanical Technology, Incorporated (MTI) (NASDAQ:MKTY) reported increased revenue and consistent net loss for the quarter ending March 31, 2008.
MTI is primarily engaged in the development and commercialization of off-the-grid portable power solutions through its subsidiary MTI MicroFuel Cells Inc. (MTI Micro) and in the design, manufacture and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. (MTI Instruments).
Product revenue increased 16.4% to $2.0 million for 1Q08, compared to $1.7 million for 1Q07.
Net loss was $3.2 million, consistent with 1Q07.
Cash used in operations decreased 35.2% to $3.0 million
MTI also announced that its subsidiary MTI Micro delivered a Mobion® power source prototype to a global Japanese consumer electronics company under a development agreement entered into earlier this month.
"We have made significant progress since the start of the year," said Peng Lim, CEO of MTI. "At MTI Micro, we launched a developmental pilot production line for Mobion®, signed an agreement with a global Japanese consumer electronics company and developed and demonstrated three different Mobion® prototypes at global conferences and meetings – an external charging device, a power accessory attached to a digital camera and an embedded fuel cell-powered GPS device–all to help prepare for the planned launch of an initial Mobion® product in 2009."
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