IdaTech reports key progress in 2010

Bend-based IdaTech, which makes backup power hydrogen fuel cell systems and hydrogen fuel reformers, on Wednesday reported preliminary results for 2010 that showed it narrowing its losses. IdaTech also said it achieved a significant turning point for the company with its launch of profitable products it says are comparable in price with diesel generators.

“This price competitiveness is expected to stimulate sales growth and further improve the gross margin,” CEO Hal Koyama wrote in a review of the year. “Progress towards this can already be seen in the results for 2010, which show a reduction in the gross loss from $5 million (in 2009) to $3.2 million (in 2010) ... and the increase in the sale of profitable systems of 280 in the year compared to just nine in 2009. This positions the group well for sustainable growth into 2011.”

The company entered the year with a backlog of $1.6 million in orders.

In December, IdaTech began shipping its new-generation methanol/water-fueled product, the ElectraGen ME, “an exciting and important development for IdaTech as it provides the cornerstone in its path to profitability strategy to cash breakeven and profitable growth,” Koyama wrote.

For the year, IdaTech reported $4.5 million in revenue versus $6.6 million in 2009, but its total comprehensive loss for the year narrowed to $26.4 million, or 52 cents per basic and diluted share, versus a loss of $32.1 million, or 63 cents per share, in 2009.

Source: BendBulletin.com