Raser Technologies (RZ) is moving higher in premarket trading after reporting better than expected results last night. The company reported a loss of .07/share which beat the estimate of -.11/share and is a big improvement over the year ago quarter when the company reported a loss of .17/share. That’s in large part due to the company now selling power from its Thermo plant to Anaheim, CA which is giving revenues a boost. The company reported nearly $1 million in revenues this quarter which is the 3rd straight quarter of improving revenues. All in all, a nice quarter from a company that has really struggled in the past year. With a new CEO on board and some revenues coming in from its Thermo plant, this may be a stock to watch in the coming weeks.
Raser Chairman Kraig Higginson commented: “We continued to grow in the fourth quarter 2010 and signed key deals that will keep us moving in the right direction. We expect that the partnership with Evergreen will allow Raser to begin capitalizing on the abundant geothermal resources the Company has acquired. We are also pleased to see the output at Thermo 1 continue to increase as we make improvements and modifications. We have progressed from raw land to an operating power plant in just over two years at our Thermo Resource. Although behind our initial aggressive timeline, it is still far ahead of anyone else in our sector, which certainly validates our premise of a modular, rapid deployment strategy. I am confident we now have the team in place to further refine the process and complete future deployments in a more streamlined manner.”
New CEO Nick Goodman indicated that the company is making final preparations to begin their next geothermal energy project at the Lightning Dock, New Mexico site and expects to begin drilling soon. However, it’s still pending permits and financing so soon could mean many months.. we’ll see.