ZBB Energy Corp. today reported a fiscal third quarter net loss of $3.5 million, or 9 cents per share, compared with a net loss of $2.9 million, or 12 cents per share, in the same period a year ago.
The Menomonee Falls-based company’s quarterly revenues of $1.6 million, up from $205,971 a year earlier.
Revenues included product revenue of $929,925 shipped during the quarter and $715,366 of engineering and development revenues related to the Honam collaboration and the major U.S. technology research partnership.
“Our record revenue in the third fiscal quarter was driven by the inaugural shipments of our new flagship products,” said Eric Apfelbach, ZBB Energy’s president and chief executive officer. “The unique capabilities of our products continue to receive market validation, as demonstrated by our recent contract win to supply intelligent power management and storage for the SPIDERS microgrid program, a major U.S. Department of Defense energy security initiative that involves multiple government agencies, state governments and public utilities. It is clear from what we see in our target markets and the industry forecasts that we are at the beginning of a huge growth phase in the global energy storage market. ZBB has positioned itself in the top growth markets in the world with the most compelling products. We have also structured our supply chain and production facilities to support a continued ramp up in sales and meet our targets for increasing gross margins and achieving EBITDA breakeven.”
Looking forward, Apfelbach said, “As we look ahead to the end of this current quarter and into fiscal 2013, we expect revenue to continue to increase quarterly, fueled by increased design wins in our target segments that have repeat order potential. In addition, we expect to gain even more leverage in our sales channel through our current and future industry and JV partners. As of the close of the third fiscal quarter, our sales pipeline was estimated at over $30 million.”
Apfelbach and other executives from ZBB have been invited to present at Robert W. Baird & Co. Inc.’s 2012 Growth Stock Conference. The conference will be held at the Four Seasons Hotel in Chicago May 8-10.