Revenue during the quarter dropped 24.19 percent to $26.69 million from $35.20 million in the previous year period. Gross margin for the quarter contracted 422 basis points over the previous year period to 23.20 percent. Operating margin for the quarter stood at negative 33.85 percent as compared to a negative 17.73 percent for the previous year period.

Operating loss for the quarter was $9.03 million, compared with an operating loss of $6.24 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $6.04 million compared to operating loss of $3.72 million in prior year period.

"We came in favorably on all fronts versus our previous guidance, coming in at the top end of the range for revenue and gross margin and the bottom end of the range on operating expense," said Dr. Franz Fink, Maxwell's president and chief executive officer. "Additionally, we recently achieved two important milestones. We closed the acquisition of the Nesscap Energy business and our team is working diligently on the integration. We also announced the signing of a highly strategic partnership with SDIC that we believe will enable better access to key China battery companies and will significantly strengthen our balance sheet, allowing us to further invest in strategic development programs such as our revolutionary dry battery electrode technology. The Maxwell team has been working diligently to put the pieces of our strategy in place and now our focus turns to executing on that strategy to ultimately drive long-term, profitable growth and shareholder value. Looking to Q2, we are experiencing increased demand for our products, especially in the China wind market, and we are forecasting strong quarter over quarter revenue growth in the 30% range."

For the second-quarter, Maxwell Technologies, Inc. forecasts revenue to be in the range of $34 million to $37 million. It expects net loss to be $10.40 million. It forecasts adjusted net loss to be $5.90 million. It forecasts diluted loss per share to be $0.29. It forecasts adjusted diluted loss per share to be $0.17 for the same period.

The company has spent $0.94 million cash to meet investing activities during the quarter as against cash outgo of $2.15 million in the last year period.

The company has spent $0.01 million cash to carry out financing activities during the quarter as against cash inflow of $0.34 million in the last year period.

Cash and cash equivalents stood at $20.89 million as on Mar. 31, 2017, down 4.98 percent or $1.10 million from $21.99 million on Mar. 31, 2016.

Working capital declines
Maxwell Technologies, Inc. has witnessed a decline in the working capital over the last year. It stood at $46.90 million as at Mar. 31, 2017, down 24.50 percent or $15.22 million from $62.12 million on Mar. 31, 2016. Current ratio was at 2.41 as on Mar. 31, 2017, down from 2.82 on Mar. 31, 2016.

Days sales outstanding went up to 113 days for the quarter compared with 92 days for the same period last year.

Days inventory outstanding has decreased to 67 days for the quarter compared with 122 days for the previous year period.