Boston, MA 05/19/2014 (wallstreetpr) – Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) issued its quarterly report for the period ended March 31, 2014.
Results
Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) is comparable to the same period of last year, when total revenue reported was $4.5 million. This marks an increase of $3.5 million, making it an 80% surge over a year. Of this, net product sales accounted to around $3 million and contract services amounted to the rest $5 million. An increase of 248% and 37% was reported in contract services and net product sales respectively, as compared to the same period of the prior year.
Total cost of revenues was reported to be around $5.5 million, $2.5 million up from last year’s record of $3 million. This marks an increase of as much as 74% from the same period result of 2013. Total gross margin accounted to $2.4 million, almost double the figure of last year, when it was $1.2 million. Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) reported total operating expenses as $4 million. In 2013, total operating expenses had been reported to be around $1 million greater that is was around 21% more and amounted to around $5 million. Loss in operating income was $1.6 million, lower $2.25 million as compared to the same quarter results for the prior year, when it was $3.8 million.
Outlook
Quantum Fuel Systems Tech Worldwide Inc (NASDAQ:QTWW) expects total revenues for the year 2014 to be in the range of $45 million to $50 million. The company had announced showcasing of its new back of cab CNG storage unit on March 27. It said that the back of cab supported modules integrates the company’s Q-Lite tank technology and is capable of storing 123 DGE of CNG fuel. It had also announced introducing a new tank system on April 22. This system is aimed at the light duty vehicles’ service industry.
