Hydrogenics Corp. trimmed its losses last year, leading its chief executive officer to say yesterday that he’s confident the fuel-cell developer’s cost reductions and operational improvements will enable it to weather the economic downturn.
The Toronto-area company reported a loss of $2 million US for the quarter ended Dec. 31, 2008. The results were tightened from a year-earlier loss of $9.5 million.
Revenue for the quarter slipped to $8.9 million from $11.1 million recorded during the corresponding quarter of 2007.
“We have slashed our operating costs and in tandem greatly reduced our ongoing cash burn, putting us on track to break even,” said president and chief executive Daryl Wilson.
Hydrogenics said it managed to cut its full-year loss nearly in half, reporting a loss of $14.3 million or 16 cents per share for 2008. The loss was 49 per cent lower than the $28.1 million or 31 cents per share lost the year before.
Hydrogenics has operations in North America and Europe, where it develops hydrogen generation and fuel-cell products for the growing industrial and clean energy markets.