San Diego-based Maxwell Technologies Inc. reported a third-quarter net loss of $9.7 million on total revenue of $33.7 million. In the same quarter of 2017, Maxwell (Nasdaq: MXWL) reported a net loss of $13.8 million on total revenue of $35.8 million.
The results came during a quarter when Maxwell closed a public stock offering of 7.59 million shares at $3.25 per share. The company received total net proceeds of approximately $23 million from the offering after deducting costs.
Shares of Maxwell stood at $2.98 at the end of the day Nov. 8.
The business develops and manufactures energy storage and power delivery solutions including ultracapacitors.
“Overall, our third-quarter results were in line with the midpoint of our guidance range, and we continued to make progress with the buildout of our product portfolio and in establishing new business relationships,” said Maxwell CEO Franz Fink in a prepared statement. “In Q3, we experienced sequential revenue growth driven by energy storage product sales in the wind and non-China bus markets, enhanced our position in the grid market with a new partnership, and our overall pipeline continues to grow.”
Second quarter revenue was $29.5 million. One of Maxwell’s major markets has been China, where it sold capacitors for transit buses.
“Additionally, testing of our dry battery electrode technology is progressing to plan and we are making headway with potential partners, which should change the long-term dynamics of our business,” the CEO continued. “Long-term, we remain optimistic about our competitive position and our ability to capitalize on the global opportunities ahead of us.”
Maxwell announced its quarterly financial results Nov. 6.