Toronto based Hydrogenics Corp has widened its losses in the second quarter but says it is applying sound business principles to get back on track.
The clean energy technology company which develops hydrogen and fuel cell technology, including test stations for fuel cells, has also generated higher revenues, benefiting from the acquisition of Stuart Energy.
Hydrogenics reported it lost $9.5 million US for the three months ended June 30, compared with a loss of $8.5 million US last year. Revenues rose 76 per cent to $6.3 million from $3.6 million, helped by the acquisition of Stuart Energy Corp, but these were still down compared to first quarter revenues. Gross profit was 17.1 per cent of revenues, reflecting a heavier weighting of hydrogen generation products.
Cash operating costs were $7 million, an increase of 14 per cent from $6.2 million in 2004, reflecting the incremental costs associated with Stuart Energy’s operations.
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