A123 Systems (AONE) reported results after the bell today  that indicated the red ink continues to flow as the company missed analyst estimates and reported the 3rd straight quarter of accelerating losses while revenues remain relatively stagnant.  The company reported a non GAAP loss of .42/share vs the analyst estimate of a .30/share loss on revenues of $26 million which basically matched the analyst estimate.  To make matters worse, they also indicated that their production ramp will now be delayed about six months until Q2 2011.  However, the goal of doubling year over year worldwide manufacturing capacity by the end of 2010 remains on track.

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CEO David Vieau tried to focus on the future saying, “We remain very optimistic about our opportunities and the pace of customer activity. We continue to execute against a strategy to be the leading supplier of lithium-ion batteries to the transportation and electric grid markets, which we believe will create a very large and profitable company over the long-term.”

The future may indeed be bright for AONE, but investors are likely growing impatient and will have to wait a lot longer before this company to be profitable.  Perhaps it’s time for a management shakeup.  Shares are down nearly 12% in after hours trading and taking out support of the 50 day moving average.