Ener1 (HEV) Misses & Reports Another Big Loss, But It’s All About The Future

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08:22:28 pm on November 9, 2009

Ener1 (HEV) is a late next year story, so earnings don’t mean too much right now, but the company did miss on both EPS and revenues after the bell today.  The company reported a loss of .14/share (vs analyst estimates of a .10/share loss) on revenues of $8.1 million (vs analyst estimates of $9 million). 

CEO Charles Gassenheimer focused on the future..

“Ener1 has seen a substantial uptick in customer inquiries over the past three quarters.  Since the fourth quarter of 2008, Ener1 has increased the number of customer discussions fivefold, and has now had talks with over 200 customers. The number of active programs has doubled in such time from 15 to 34.  Having this kind of visibility into the customer pipeline is invaluable as the company prepares for a capacity expansion at its US facility from 300 thousand kWh today to 3.4 million kWh around the 2015 timeframe, in addition to an existing 300 thousand kWh of installed capacity at our Korean facility.  We also anticipate launching our grid storage business unit by the end of the year and announcing our first commercial program.”

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