Clean Diesel Technologies reports higher net loss for second quarter
Second quarter revenues remained flat at $8.4 million for Clean Diesel Technologies compared to 2016 but net losses increased to $385,000.
The Oxnard-based company makes emissions control technology for diesel vehicles. A cost cutting initiative helped bring operating expenses down to $2.3 million for the quarter ended June 30, less than half what they were in the prior second quarter. But net losses rose 73 percent compared to $222,000 for the same period in 2016, due to the loss of almost $700,000 in tax benefits.
“We are nearing our goal to complete CDTi’s transition to an advanced materials and specialty coating business model by the end of 2017,” CEO Matthew Beale said in a news release.
The company expects to make shipments to commercial partners in India and China later in the year, he said, and it expects to see revenue from additional applications of its technology in two-wheel and other types of vehicles.
“Our restructuring and repositioning initiatives have begun to translate into improved financial results with both operating loss and cash burn decreasing significantly during the second quarter,” Beale said. “CDTi is nearing the end stages of transitioning to a scalable technology company, providing us with a solid platform to support the ramp of our new powder business in 2018 and 2019.”
The company had $1.6 million in cash on hand, down from $7.8 million as of Dec. 31, and $10.65 million in liabilities, down from $16.2 million. It expected full-year revenues in the range of $32 million to $35 million. The stock ended the day up 5.9 percent on a 9-cent gain to $1.62.
• Contact Marissa Nall at [email protected].
