Menomonee Falls-based EnSync Inc. has reported a fourth quarter net loss of $3.5 million, or 9 cents lost per share, compared with a net loss of $4.5 million, or 16 cents lost per share, in the fourth quarter of 2014.
The company, formerly known as ZBB Energy Corp., makes energy management systems for the utility, commercial, industrial and multi-tenant building markets. The fourth quarter operating loss totaled $3.5 million, compared with a $4.1 million operating loss in the same period a year ago.
Revenue was $313,178 in the quarter, compared with $1.2 million in revenue in the fourth quarter of 2014. Product sales declined significantly year-over-year.
During the fourth quarter, EnSync formed a global strategic partnership with Solar Power Inc., which includes a $33.4 million initial equity investment and an initial supply agreement valued at $80 million to $120 million.
“This quarter, the main takeaway for investors are the significant product development achievements and the start of executing our strategic plan to accelerate revenue,” said Brad Hansen chief executive officer and president of EnSync. “The closing of the SPI partnership brings the ability to leverage SPI’s footprint to expand penetration globally, including countries like Germany, Australia and Japan. But more importantly, the SPI partnership brings EnSync additional capital and the ability to produce new revenues and new revenue streams.
“Changing the company name was vital to the execution of our strategic plan. We have evolved from being a pure-play battery company into a distributed energy generation systems and services company, whose mission is to revolutionize the generation and distribution of electricity.”
For the full year, EnSync reported a net loss of $12.8 million, or 36 cents per share, compared with a net loss of $9.6 million, or 46 cents per share, in 2014.
The company’s full-year operating loss was $13.6 million, compared with an operating loss of $8.8 million last year.
Revenue for 2015 totaled $1.8 million, down from $7.9 million in 2014.
