Boston, MA 03/11/2014 (wallstreetpr) – Hydrogenics Corporation (USA) (NASDAQ:HYGS) has reported its fourth quarter and full year results for the period ending December 2013 that saw its net loss for the quarter narrow to lows of $3.10 million against highs of $3.39 million reported for the same quarter a year earlier.
The company was able to record revenue for the full year which came in at $42.4 million with a backlog of $57 million and cash amounting to $13.8 million
Fourth quarter Financials
The fourth quarter saw Hydrogenics revenue surge by 12% coming in at $11 million, mainly as a result of increased sales for the company’s power systems base units. Gross profit was also on an increase coming in at $2.7 million up by 11.1% representing 24.6% of the total revenue.
Hydrogenics Corporation (USA) (NASDAQ:HYGS) cash operating costs for the quarter dropped by 20% coming in at $2.9 million mainly as a result of an increase in R&D funding in the quarter. Hydrogenics Adjusted EBITDA loss for the quarter improved by 93% coming in at $0.2 million attributed to improved levels of profitability.
Net loss for the quarter came in at $3.1 million down by $0.3 million compared to the same quarter a year ago with the company having secured $14.3 million worth of orders for renewable energy storage.
Full year Financials
Full year saw the company total revenue clock in at $42.4 million an increase of 34% compared to 2012’s total revenues of $10.7 million. Gross profit for the year also increased by $6.8 million to a high of $12.1 million representing 28.4% of the total revenues, this was mainly as a result of improved margins in the OnSite business unit
Cash operating costs for the full year came in at $13.5 million against highs of$15.3 million reported in 2012. Hydrogenics adjusted EBITDA loss dropped to lows of $1.2 million against highs of $10.1 million reported in F2012. Net loss for full year dropped by 30% to $8.9 million from $12.8 million in F2012.
Hydrogenics Corporation (USA) (NASDAQ:HYGS) was up by 15.46% in Monday trading session closing the day at $33.46.
