Aug 2, 2013 - Canadian fuel cell and hydrogen generation specialist Hydrogenics Corp (TSE:HYG) saw its second-quarter net loss grow to USD 4.3 million (EUR 3.3m) from USD 3.65 million a year ago.
Operating loss also widened to USD 3.4 million from USD 2.6 million, while the company’s gross margin grew by 8.5 percentage points year-on-year to 26.3%.
Revenue for April-June was up 18% to USD 9.8 million, thanks to higher bookings within the power systems segment, offset in part by week results from the OnSite generation business unit. “While some lumpiness remains from quarter to quarter due to order timing, we are bidding on a significant number of energy storage projects, industrial applications, and fuel cell power modules and anticipate the second half of 2013 should see a strengthening of bookings and revenue,” said president and CEO Daryl Wilson.
At the end of June, Hydrogenics had an order backlog of USD 49.9 million.
In the first six months of 2013, the company posted a loss of USD 6.2 million, narrowing from USD 6.55 million. Revenue jumped 58% to USD 22.1 million.