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Maxwell Technologies Posts $22.3 Million Net Loss for 2015

Despite an uptick in 2015 fourth-quarter revenues at Maxwell Technologies Inc., the San Diego-based energy storage firm ended the year with some losses.

The company reported a net loss of $2.2 million on revenues of $49.8 million in the fourth quarter, compared with a net loss of $1.4 million on revenues of $45 million in same quarter the previous year. For the full year, Maxwell reported a net loss of $22.3 million on revenues of $167.4 million, compared with a net loss of $6.3 million on revenues of $186.6 million in 2014.

“During the fourth quarter of 2015, we continued to implement changes to reduce costs, accelerate innovation, and diversify our business, further positioning Maxwell for sustainable growth and value creation,” said Franz Fink, Maxwell’s president and CEO, in a statement. “Our fourth-quarter results demonstrate that we are taking the right steps to unlock the value of our unique technologies. We achieved revenue at the top end of our guidance, driven by strong demand in the China hybrid bus market, and we made significant progress transitioning to higher growth opportunities, as well as penetrating into other key markets. We are building on strong momentum and are more confident than ever that Maxwell is poised to deliver significant value for our customers and shareholders in the years ahead.”

Maxwell stock is down almost 20 percent since the earnings were announced. Shares are currently on Nasdaq for $5.12 under stock symbol MXWL.

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