Facing another quarter of mounting net losses, ZBB Energy Corp., a Menomonee Falls-based developer of renewable energy power platforms and hybrid vehicle control systems, is exploring its strategic options and is seeking sources of additional financial investments.
The company announced a fiscal second quarter net loss of $3.1 million, or 4 cents per share, compared with a net loss of $2.7 million, or 8 cents per share, in the same period a year ago. The firm’s quarterly product sales increased more than 10 times to $2.7 million from $240,921 a year earlier.
The company said it is aggressively pursuing additional sales orders and other sources of funding, including expansion of contract engineering and development programs through strategic partners. The company said sufficient cash and working capital through fiscal year 2013 fourth quarter depends on securing additional investment capital or other financing, which may include collaboration agreements and/or investments from strategic partner/partners, or other financing alternatives.
“The second quarter ten-fold increase in product sales met our plan objectives of year-over-year increases in revenues,” said Eric Apfelbach, president and chief executive officer. “These shipments provide field-proven references for repeat orders from existing customers and for new customer orders. We are also realizing acceleration of near-term bookings of orders in the funnel as shown by the increase in sales backlog. We believe our success in penetrating key segments over the last couple of quarters positions us well to secure the near term investment capital or other funding we require from strategic partners or other investors.”
