Superconductor Technologies (SCON) Posts Q4 Loss of $0.61/Share

Superconductor Technologies (NASDAQ: SCON) reported Q4 EPS of ($0.61), versus ($1.23) in the same quarter last year. Fourth quarter 2016 net revenues were $9,000, compared to $22,000 in the third quarter of 2016 and $27,000 in the fourth quarter of 2015.

Jeff Quiram, STI’s president and CEO, stated, “During 2016, we designed and implemented significant performance improvements to our Conductus® HTS wire. Early this year, we attained a 20% increase in critical current carrying capacity on our new wire architecture. In late February, our internal testing delivered results that met specifications for several customers. As a result, we have recently shipped wire to key customers for final qualification in their field applications. In 2017, we plan to fulfill existing qualification orders that include three new orders received in the fourth quarter, and ramp production for commercial scale orders. As we have discussed in the past, attaining final customer approval for one or more applications is our near-term focus.”

Additionally, in November STI was selected by the U.S. Department of Energy’s (DOE) Office for its Next Generation Electric Machines (NGEM) program in collaboration with industry partner TECO Westinghouse Motor Company (TWMC). The NGEM program’s objective is to bring about more rapid development of enabling technology for superconductive industrial motors used in manufacturing. STI is the prime recipient of the $4.5 million award under the DOE’s broad goal of advancing American manufacturing competitiveness by improving industrial motor efficiency to significantly reduce energy usage and the cost of operation.

“We believe the recent industry and government support for HTS wire manufacturing initiatives confirm the importance of this key enabling technology to surpass the performance limitations of conventional materials and designs. The complementary capabilities of our highly-regarded collaborators on the project position the team for success. TWMC is an industry leader committed to the commercialization of high-power electric machines utilizing superconducting technology. Our well respected academic partners, Massachusetts Institute of Technology (MIT) and the University of North Texas (UNT), will provide key assistance to achieve the project’s objective of improving the performance and yield of HTS wires while reducing the cost of the manufacturing process. These wire development activities directly support our market penetration strategy for superconducting turbines, generators and other large rotating machine applications, which are expected to generate the largest demand for superconducting wire in the future,” Quiram concluded.

For earnings history and earnings-related data on Superconductor Technologies (SCON) click here.

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