Technology

Superconductor Technologies, Inc. (NASDAQ:SCON) Reports $8.4 million in cash In Q1 2017 Results

Superconductor Technologies, Inc. (NASDAQ:SCON)

Superconductor Technologies, Inc. (NASDAQ:SCON) has reported its financial results for the first quarter ended April 1, 2017.

In a statement, Superconductor Technologies, Inc. (NASDAQ:SCON) president and CEO, Jeff Quiram, said the company’s Conductus® HTS wire managed to attain the performance that they have been working towards. He added that the company started shipment of Conductus to customers which involved improvements in critical and mechanical current capacity performance. The Company is currently working with customers as they undertake qualification tests with the wire to determine suitability with their application. Quiram says the company is currently involved in preparing commercial production of the wire.

Superconductor Technologies, Inc. (NASDAQ:SCON) has also made significant progress in negotiating contract with the U.S. Department of Energy (DOE) for the company’s program to produce the Next Generation Electric Machines (NGEM). Quiram says they are expecting to start working on the project in the third quarter of this year. Under the program, the company will evaluate a number of techniques that the company believes will help in improving the performance of Conductus wire while cutting on the total cost of manufacturing. The main objective behind the program is enhancing rapid development of technologies that are used in manufacturing superconducting industrial motors hence improving the efficiency of next generation motors.

Quiram added that there are new applications coming up in the electrical power industry including the potential to the Second Generation (2G) HTS superconducting technology. The new applications are geared at creating large-scale low-carbon sources of energy that have high value mainly due to reduced cost of generation.

On the financial front, the company reported $1,000 in revenue during the first quarter of 2017 compared to the $89,000 that was reported in Q1 of 2016 and $9,000 reported in Q4 of the 2016 financial year. The company’s revenue from all the quarters mainly came from legacy wireless products. The company made a net loss of $2.6 million or $0.26 per share in the Q1 of 2017 compared to a net loss of $2.6 million or $1.00 per loss that was reported in the first quarter on 2016. Superconductor Technologies, Inc. (NASDAQ:SCON) reported a net loss of $2.5 million or $0.61 per share in the last quarter of 2016. At the end of Q1 of the 2017 financial year, the company had $8.4 million in cash and cash equivalents

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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