ZBB Energy Corp., a Menomonee Falls-based developer of renewable energy power platforms and hybrid vehicle control systems, today reported a net loss of $11.9 million, or 15 cents per share, for its full fiscal year, which was an improvement over a net loss of $13.7 million, or 37 cents per share, in the previous fiscal year.
The firm’s total annual revenues, including engineering and development revenue, increased 61 percent to $7.7 million from $4.8 million in the prior year.
The decrease in net loss is due primarily to an increase in commercial gross profit, reduction in engineering and development costs and lower interest expense.
For the fiscal fourth quarter, the company lost $3.1 million, compared with $5.8 million a year ago.
“While we continue to see positive developments that will drive the long-term storage market, our order flow and revenue recognition have been uneven over the past year and we expect this unevenness to continue for the near future,” said Eric Apfelbach, president and chief executive officer of ZBB. “Our funnel includes some large orders that could provide a substantial uptick to our FY 2014 results. However, closing these orders depends in part on DOD sequester relief, policy changes in utility regulations and increased adoption of our ZBB EnerSystem into smart building applications and remote island applications. We believe the best strategy to accelerate our growth near-term is through strategic partnerships that offer ZBB improved balance sheet strength, supply chain cost reductions and leveraging global sales channels. Success in these strategic partnerships, I believe, will accelerate the initiatives needed for ZBB to achieve cash flow breakeven and profitability.”