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Friday, Feb 3, 2023

Maxwell Technologies Reports Quarterly Revenue Is on the Rise

Maxwell Technologies Inc. recently reported a 38 percent rise in first-quarter revenue to $17.3 million, but sustained a net loss of $5.6 million during the period.

That compared with a net loss of $4 million in the first quarter of 2007.

The firm highlighted the positive growth of its ultracapacitor sales to $5.4 million, up from $3.4 million in the first quarter of 2007.

Ultracapacitors are energy storage devices similar to batteries used in industrial manufacturing. Maxwell has been selling the specialized products used by the manufacturers of wind turbine engines and hybrid transmissions for transit buses.

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But officials are even more jazzed about prospects for the devices in auto manufacturing.

Last year, the company struck a deal with a supplier to a major, high-end European carmaker (it would not reveal which one), that could generate higher sales starting next year.

A former big defense contractor here, Maxwell shifted its business starting about 2000, and now hangs its hat on the energy storage and power delivery devices.

It moved nearly all of its production to China last year, but in the process had to cut only about 15 jobs from its payroll, says spokesman Michael Sund.

Maxwell now has 300 employees, with half working locally.

As of May 12, Maxwell stock was at $11.77, and has ranged from $7.10 to $16.50 in the past 52 weeks. The stock is traded under the symbol MXWL on Nasdaq.

, Mike Allen


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