Milwaukee-based ZBB Energy Corp. reported a fiscal third quarter net loss of $3.5 million, or 9 cents per share, compared with net income of $8,930, or 0 cents per share, in the third quarter of 2014.
ZBB, which develops energy management systems solutions for the utility and commercial and industrial building markets, reported an operating loss of $3.4 million, compared with an operating loss of $4 million in the same period a year ago.
Revenue totaled $584,817, down from $4.6 million in the third quarter of 2014. During the quarter, the company received no license revenue, compared with $3 million in license revenue in the third quarter of 2014. Product sales were down to $287,644 from $822,318 in the same period a year ago.
ZBB recently announced a global strategic partnership with Solar Power Inc., through which it has completed an initial supply agreement valued at between $80 and $120 million. The partnership also includes a $33.4 million initial equity investment.
“We think the impact that the SPI deal will have on ZBB is on par with the market changing announcement that Tesla made last week,” said Eric Apfelbach, chief executive officer of ZBB. “SPI’s comfort with ZBB’s product capability and leading value model in real applications has led to this major initial supply agreement. As other customers and partners determine the same advantages, we expect to see continuing backlog and revenue growth. SPI also offers ZBB opportunities to expand our strategic vision to other products and additional applications for our existing products that will lead to more revenue growth. It’s an exciting time for ZBB.”