The big losses for A123 Systems (AONE) continues with no end in sight and that is never more apparent after the earnings report this quarter in which the company reported record revenues, but another steep loss to go with it.  The company reported an EPS loss of .51/share (wider than analyst estimates for loss of .38/share) on revenues of $64.3 million vs the analyst estimate for $66 million.

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Here are some highlights of comments made by CEO David Vieau:

– record revenues and shipments during the quarter
– revised revenue lower based on reduction in Q4 Fisker orders
– significant process in grid business
– believes recent expansion of partnership with IHI Corp establishes conduit to Japanese market
– expects to reduce cash burn and achieve break-even gross margins in 2012 and break even adjusted EBITDA in 2013

Technically, shares of AONE are still trying to find a bottom with strong support around the $3 level which it tested again this morning.  There may be a trade opportunity should it continue to hold that level in the coming days, but longer term it remains an uphill battle for this company despite the recent news of a GM deal.