Financial Results
The following financial results are for the three and six months ended June 30, 2013, compared to the same periods one year earlier.
Revenue was $1.9 million for the second quarter of 2013, compared to $1.3 million for the second quarter of 2012, primarily from fulfillment of orders to Pioneer Corporation and performance under the development agreement announced in April. Revenue for the first half of 2013 was $3.7 million, compared to $3.0 million for the first half of 2012.
Operating loss for the second quarter of 2013 was $3.4 million, compared to $5.0 million for the second quarter a year ago. Operating loss was $7.1 million for the first half of 2013, compared to $14.8 million for the first half of 2012.
Net loss for the second quarter of 2013 was $3.4 million, or $0.13 per share, compared to $5.0 million, or $0.26 per share, for the same quarter a year ago. Net loss was $7.1 million, or $0.27 per share, for the first half of 2013 compared to $14.8 million, or $0.82 per share, for the first half of 2012.
For the second quarter of 2013, cash used in operations was $2.8 million compared to $6.8 million for the same period in 2012. For the six months ended June 30, 2013, cash used in operations was $6.3 million compared to $13.0 million for the same period in 2012.
As of June 30, 2013, backlog was $3.8 million and cash and cash equivalents were $6.0 million.
