Altairnano (ALTI) Reports Another Loss, But Beats Estimates; Announces Army Contract

Altair (ALTI) the lithium battery maker for electric cars reported another quarterly loss of .07/share but beat estimates by a couple pennies on revenue of 1.9 million (vs consensus of 1.65 million). 

Today, the company also announced a $350,000 contract with the US Army to deliver prototype batteries for use in the Army’s M119 105mm lightweight gun digitization program.  Altair’s batteries can operate in extreme conditions with rapid charging capabilities and a long life. 

Delivery of the batteries is expected this fall with testing to extend into 2009 with expected approval by the Army to follow.  “This is another important milestone in our revolutionary battery development,” said Terry M. Copeland, Altairnano’s CEO. “We are beginning to see customers seeking out our products for the unique characteristics that only Altairnano technology can provide,” Copeland added. “The current program is only a beginning. Once the technology is proven in the field, we fully expect interest and supply contracts from other U.S. and foreign military services,” added Copeland.

The stock is up about 3% today and continues to remain submerged below resistance of the 200 day moving average.

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