Monday, Ener1, Inc. (HEV), a developer and manufacturer of lithium-ion batteries, reported a net loss for the third quarter that widened year-over-year hurt by higher cost of sales and operating expenses. The company also provided an update on its operations.
Net loss for the quarter widened to $16.09 million from $8.70 million in the same period last year. Net loss for the quarter attributable to Ener1 widened to $15.84 million or $0.14 per share from $9 million or $0.08 per share in the corresponding period last year.
On average, eight analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share for the quarter. Analysts estimates typically exclude special items.
Revenue increased to $8.1 million from $39 thousand in the third quarter of 2008. Street analysts expected the company to report sales of $9.01 million for the quarter. Cost of sales increased to $7.7 million from 'nil' in the prior year period.
Operating expenses were $13.2 million compared to $8.7 million in the third quarter of 2008, as Enertech operations were included for the full quarter in 2009.
Research and development expenses were $7.6 million compared with $6.1 million in the year-ago quarter. General and administrative expenses were $4.3 million, up from $2.4 million a year earlier.
Charles Gassenheimer, chairman and chief executive officer Ener1 said, "Since the fourth quarter of 2008, Ener1 has increased the number of customer discussions fivefold, and has now had talks with over 200 customers. The number of active programs has doubled in such time from 15 to 34."
"Having this kind of visibility into the customer pipeline is invaluable as the company prepares for a capacity expansion at its US facility from 300 thousand kWh today to 3.4 million kWh around the 2015 timeframe, in addition to an existing 300 thousand kWh of installed capacity at our Korean facility," continued Charles Gassenheimer. "We also anticipate launching our grid storage business unit by the end of the year and announcing our first commercial program."
For the nine-month period, net loss attributable to Ener1 widened to $36 million or $0.32 per share from $30.55 million or $0.30 per share in the year-ago period. Net sales rose to $23.85 million from $0.6 million i the same period last year.
HEV rose $0.19 or 3.42% and closed Monday's regular trading session at $5.74. After hours, HEV declined $0.03 or 0.52% and traded at $5.71.
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