Quantum Technologies net loss narrows in Q2 FY 2010/2011
(ADPnews) - Dec 13, 2010 - US Quantum Fuel Systems Technologies Worldwide Inc (NASDAQ:QTWW) saw its net loss shrink to USD 1.5 million (EUR 1.1m) for its second quarter to October 31 from USD 42.7 million a year ago.
The result included USD 4.1 million in unrealized gains on fair value adjustments of derivative instruments, compared to USD 34.9 million in unrealized losses for the year-earlier period, the alternative energy company said.
Operating loss expanded to USD 4.9 million from USD 4.6 million as increased expenses offset the rise in revenue.
Revenue grew 44% on the year to USD 3.9 million mainly thanks to higher product sales, including Q-Drive hybrid drive product shipments under the Q-Drive development programme, and revenues related to the programme.
Operating cash outflow at October 31 widened to USD 5.3 million from USD 2.6 million for the same period last year.