Menomonee Falls-based ZBB Energy Crop. reported $0 in revenue for the first quarter of the fiscal year. The company also reported a net loss of $2.034 million for the quarter.
ZBB said the lack of revenue in the first quarter was “primarily” because it needs to get certification for “certain orders.” The company expects to obtain the certification early next year. The company said its first quarter performance was also hurt by some “temporary installation issue with an order shipped during the quarter.”
“While our restructuring of the company is going well and on track, this was an unusual quarter for revenue recognition,” said Eric Apfelbach, chief executive officer and president of ZBB.
The company says it has backlog in excess of $1 million for 2011.
“We made significant progress during the quarter on all of our initiatives and we will continue to build strategic backlog in all of our target market segments,” Apfelbach said.
ZBB provides power management platforms that integrate renewable and conventional energy sources with rechargeable zinc bromide flow batteries and other storage technology.
In January, ZBB received $14 million in clean energy tax credits from the federal government. President Barack Obama visited the ZBB plant in August. His visit was criticized by the Wall Street Journal editorial board, which said the U.S. government should not be subsidizing a company like ZBB because it has had significant losses.
