Hoku Scientific (HOKU) reported earnings after the bell yesterday, but it isn’t the earnings that’s driving the stock down this morning, it’s concern  that the company won’t be able to raise enough cash to fund construction of its Idaho polysilicon plant and possibly remain in business.  The company has a $106 million gap that it’s working to fill through customer pre payments and financing.  However, due to a tough credit market, the company is acknowledging it is having some difficulty in tapping credit, but remains confident it will come up with the cash.

As far as the earnings go, the company did beat estimates by reporting a narrower than expected loss of .03/share but revenues plunged 82% over the year ago quarter and 43% over the previous quarter.   

Despite the challenges the CEO (er, I mean company cheerleader) remains confident:

“These results were in keeping with our previous guidance, with losses expected as we continued advancing the development of both our polysilicon manufacturing and PV systems integration businesses. Going forward, we plan to continue expanding our PV integration business in fiscal 2010 and, provided we are able to secure the required financing for the construction of our polysilicon plant, we look forward to generating revenue from the sale of polysilicon in fiscal 2010.”

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