Altair Nanotechnologies lost more money than expected in FY07
Filed under: Emerging Technologies, EV/Plug-in, Phoenix
Several factors hurt Altair Nanotechnologies' fiscal results in FY07: warranty replacement costs and higher research and development expenses have made the company report a wider loss despite higher revenues. $6.78m worth of warranty expenses and inventory impairment were related to the first-generation battery packs that were sold to Phoenix Motor Cars. As for R&D, costs rose to $15.4m compared to $10.1m in 2006.Altair has lost $31.5 million, which is more than the $17.2 million reported in 2006. On a per share basis, the loss was $0.45, compared to a loss of $0.29 last year.
[Source: RTT News]
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Reader Comments (Page 1 of 1)
3-13-2008 @ 9:33AM
Mike Z said...
"$6.78m worth of warranty expenses"
That scares the crap out of me. I need to read the 10-K ASAP.
Reply
3-13-2008 @ 12:24PM
Kardax said...
Apparently, it's a design flaw in the way the cells are organized into packs that could lead to overheating. AltairNano is replacing all the packs delivered to Phoenix with a redesign that should fix the problem.
Reply
3-13-2008 @ 5:32PM
ug said...
A123 is kicking their asses. They don't have forever to sit on their hands.
Reply
3-31-2008 @ 7:17PM
Eric C said...
The losses are no surprise. Look at the way the company is structured; it's unlikely to ever post a profit, or pay a dividend, for that matter.
Reply