Ener1 (HEV) continues to post significant increases in revenues, but remains mired in red ink.  The company reported another big jump in revenues and beat the analyst estimate of $15.4 million, posting $16.1 million, but profits remain elusive.  The company reported an EPS of -.12, vs the estimate for a -.11/share loss.  That was inline with what they reported last quarter and worse than the .11 loss they reported in the year ago quarter.  Granted, red ink is expected for a company still in ramp up mode as it begins shipping to Think.  The company began shipping battery packs to Think in the quarter bringing in $3.4 million in revenue.  They’re currently shipping about 100 packs a month right now. 

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CEO Charles Gassenheimer commented: “This quarter was characterized by solid execution.  Ener1 announced two customers in both the heavy-duty and industrial segments, and two strategic partnerships with game-changing revenue potential in transportation and grid energy storage. Ener1 also made considerable headway in ramping its manufacturing facilities in the US and Korea, and continued to ship commercial product to its launch customers in Europe.  The revenue from these launch customers provides visibility through phase one of Ener1’s manufacturing ramp to 11,000 EV packs, or 260MWh.  This learning curve is essential in driving scale, reducing manufacturing costs and leveraging R&D spend by selling into new market opportunities.”

The company announced it will be supplying battery packs to Heavy Industries for EV buses and turnkey solutions to Toro, but I’m not seeing separate press releases for these announcements.  I’ll have a closer look at the details of these arrangements tomorrow.

The stock is flat in after hours trading, but remains increasingly bullish on the daily chart. For me, a break above the July high of 3.52 would get me into this stock.