San Diego-based Maxwell Technologies Inc. reported a new alliance with a Fortune 500 company as well as a quarterly net loss on Oct. 23.
In spite of the loss, the market seemed pleased. Maxwell (Nasdaq: MXWL) reported its quarterly results after shares closed at $9.88. Shares jumped following the announcements, topping $11 before retreating to $10.67 by 6:37 p.m. Eastern time.
Maxwell, which makes heavy-duty ultracapacitors for transportation and other industries, reported a net loss of $3.29 million on revenue of $41.6 million in the third quarter of 2014. That compares with net income of $6.03 million on revenue of $51.2 million in the same quarter of 2013.
Maxwell’s new alliance is with Corning Inc. (NYSE: GLW). The two companies have signed a development agreement and hope to improve the energy density, lifetime, form factor and cost of Maxwell’s products.