Superconductor Technologies Inc (SCON) saw its loss widen to $2.53 million, or $0.61 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.40 million, or $1.23 a share. Revenue during the quarter plunged 66.67 percent to $0.01 million from $0.03 million in the previous year period.
Operating loss for the quarter was $2.66 million, compared with an operating loss of $3.20 million in the previous year period.
Jeff Quiram, STI’s president and chief executive officer, stated, “During 2016, we designed and implemented significant performance improvements to our Conductus® HTS wire. Early this year, we attained a 20% increase in critical current carrying capacity on our new wire architecture. In late February, our internal testing delivered results that met specifications for several customers. As a result, we have recently shipped wire to key customers for final qualification in their field applications. In 2017, we plan to fulfill existing qualification orders that include three new orders received in the fourth quarter, and ramp production for commercial scale orders. As we have discussed in the past, attaining final customer approval for one or more applications is our near-term focus.”
Operating cash flow remains negative
Superconductor Technologies Inc has spent $8.10 million cash to meet operating activities during the year as against cash outgo of $8.48 million in the last year. Cash flow from financing activities was $11.09 million for the year, down 25.36 percent or $3.77 million, when compared with the last year.
Cash and cash equivalents stood at $10.45 million as on Dec. 31, 2016, up 39.94 percent or $2.98 million from $7.47 million on Dec. 31, 2015.
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