Hydrogenics Posts Wider Q3 Loss

Hydrogenics

reported a wider loss for the third quarter. The Mississauga, Canada-based company posted a quarterly net loss of $1.3 million, or $0.13 per share, versus a year-ago loss of $491,000, or $0.05 per share. Its revenue surged 20% to $11.1 million. The company's total operating costs increased 18.5% to $4 million, while foreign currency losses climbed to $611,000 versus $61,000. Gross profit rose 12% to $3.1 million in the quarter. At the end of the third quarter, the company's order backlog was $66.9 million, versus $67.1 million at the end of the second quarter. At the end of the quarter, Hydrogenics has $14.3 million in cash, cash equivalents and restricted cash. "The third quarter, as anticipated, showed steady upward momentum and positive order trends, positioning the Company for much stronger growth in the fourth quarter and 2015," said Daryl Wilson, President and Chief Executive Officer. "We booked our first North American energy storage award with the Ontario IESO, won a number of fueling station contracts in Europe and the U.S., and continued to bid on an active pipeline of opportunities across the globe.” Hydrogenics shares gained 1.28% to close at $18.14 on Friday.