Menomonee Falls-based EnSync, Inc. on Tuesday reported an increase in its net loss to about $4.5 million for the second quarter of fiscal 2016, compared to roughly $3.2 million the previous year.
The company, which develops energy management systems for commercial, industrial and multi-tenant building markets, had total revenues of $382,261, up from $300,654 during the same time the previous year.
The company, which changed its name to EnSync from ZBB Energy in 2015, said it made significant progress on key projects during the quarter.
“The capabilities of our differentiated technology and systems solutions allow our customers to prioritize their electricity use from the grid, renewables and storage, synchronizing each of these sources in real time and leveraging their respective values,” said Brad Hansen, EnSync president and chief executive officer. “These capabilities will be a driving factor in moving the economy from a focus on coal-generated power to one utilizing renewable energy sources”
The company ended the quarter with $44.8 million in total assets, including $28.1 million in cash. The company reported having $17.7 million in total liabilities.
In addition to the name change, the company also named a new chief executive officer and chief financial officer during 2015.
