Ener1 (HEV) Reports Record Revenue, But Losses Remain; Traders Cheer Ramp Up For THINK Launch

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12:12:06 pm on March 12, 2010

Ener1 (HEV) reported results last night that were about inline with what they’ve been reporting in the last year.  Another loss of .14/share just like last quarter but on record revenues of $11 million.  As a development stage company, the quarterly results don’t mean much right now though.  It’s all about the future and traders appear to like what’s in store, bidding up the stock about 10% today. 

Here are some highlights of comments made by CEO Charles Gassenheimer:

– rapidly scaling its facilities to meet production for THINK vehicle.. begin shipments next quarter
– expects to be producing 900 battery packs for THINK by end of this year which will get them to EBITDA break even
– U.S. orders for battery equipment of $63 million and $12 million for Korea
– experienced 5 fold increase in level of customer inquiries in 2009
– expects to increase headcount by over 30% this quarter
– Co-founder and CTO Peter Novak transitioning to advisory role
– anticipates most of revenue will come from Europe and Asia over the next few years (expects 1/3 of revenues in 2012 to come from 2 Europe auto manufacturers with details to be announced soon)

Shares are up about 10% today with heavy volume and appear to have found support around the $4 level.  It’s an intriguing place to add a long term position down here, but I’d like to see it spend some more time basing following the January sell off.

:: >>> Click Here For Your FREE Ener1 Analysis

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