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08.05.2018 22:10
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PR Newswire
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Maxwell Reports First Quarter 2018 Results and Provides Business Outlook for Second Quarter 2018
Ein Business-Meeting (Symbolbild).
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PR Newswire
SAN DIEGO, May 8, 2018
SAN DIEGO, May 8, 2018 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) today reported financial results for the three months ended March 31, 2018. Total revenues for the first quarter of 2018 were $28.4 million, compared with $30.8 million for the fourth quarter of 2017 and $26.7 million for the prior year quarter. Net loss for the first quarter of 2018 was $9.2 million, compared with a net loss of $8.8 million for the fourth quarter of 2017 and a net loss of $10.4 million for the prior year quarter. Non-GAAP net loss for the first quarter of 2018 was $5.8 million, compared with a non-GAAP net loss of $5.3 million for the fourth quarter of 2017 and $7.4 million for the prior year quarter. The Company reported $(6.9) million of earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2018, compared with $(4.7) million for the fourth quarter of 2017 and $(7.0) million for the prior year quarter. The Company reported $(4.2) million of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the first quarter of 2018, compared with $(1.8) million for the fourth quarter of 2017 and $(3.9) million for the prior year quarter.
Strategic Business Highlights
- Today Maxwell announced a technology partnership with Zhejiang Geely Holding Group ("Geely"), the parent company of leading brands such as Volvo and Geely Auto. The collaboration kicks off with the inclusion of Maxwell's ultracapacitor-based peak power subsystem in five mild-hybrid and plug-in hybrid vehicles which will initially be available in North America and Europe. The production ramp for these vehicles is slated to begin in late 2019 and marks the most significant milestone in Maxwell's automotive market history.
- Today Maxwell renewed a $25 million revolving credit facility with its banking partner, East West Bank, for a 3-year term, providing Maxwell with further financial flexibility to operate its business and execute on strategic investments.
"While our energy storage product revenue exceeded expectations for the quarter, our first quarter revenue results reflect a shortfall in orders related to our high voltage capacitor products. We expect a recovery in the high voltage product line in the second half of 2018 and overall we are anticipating revenue growth in Q2," said Dr. Franz Fink, Maxwell's President and Chief Executive Officer. "We continue to make progress each quarter on our strategic objectives and to build momentum in the business. Today's announcement of the Geely design win and partnership represents a significant accomplishment for the team at Maxwell and validates that ultracapacitors are ideally suited to solve many of the challenges faced by the automotive industry as it readies for the coming global megatrend of the electrification of combustion engine vehicles."
| Financial Results and Operating Metrics (1) (Unaudited; in thousands, except for per share amounts) | ||||||||||||
| | ||||||||||||
| | | Three Months Ended | ||||||||||
| | | March 31, | | December 31, | | March 31, | ||||||
| Total revenue | | $ | 28,416 | | | $ | 30,763 | | | $ | 26,686 | |
| Energy Storage revenue | | $ | 23,002 | | | $ | 20,832 | | | $ | 14,234 | |
| High-Voltage revenue | | $ | 5,414 | | | $ | 9,931 | | | $ | 12,452 | |
| Gross margin (2) | | 20.0 | % | | 23.8 | % | | 22.9 | % | |||
| Non-GAAP gross margin (2) | | 21.5 | % | | 25.4 | % | | 23.6 | % | |||
| Loss from operations (2) | | $ | (9,366) | | | $ | (7,065) | | | $ | (9,187) | |
| Non-GAAP loss from operations (2) | | $ | (6,419) | | | $ | (4,057) | | | $ | (6,197) | |
| Interest expense, net | | $ | 993 | | | $ | 1,043 | | | $ | 63 | |
| Non-GAAP interest expense, net | | $ | 554 | | | $ | 623 | | | $ | 63 | |
| Net loss | | $ | (9,205) | | | $ | (8,752) | | | $ | (10,399) | |
| Net loss per share | | | | | | | ||||||
| Basic and diluted | | $ | (0.25) | | | $ | (0.24) | | | $ | (0.32) | |
| Adjusted EBITDA | | $ | (4,205) | | | $ | (1,790) | | | $ | (3,894) | |
| Non-GAAP net loss | | $ | (5,819) | | | $ Werbung Mehr Nachrichten zur Maxwell Technologies Aktie kostenlos abonnieren
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