Clean Diesel Technologies beat analyst revenue estimates, but missed net-loss-per share estimates in first quarter results released before markets opened May 13.
Oxnard-based Clean Diesel Technologies makes diesel emission control systems for cars and other diesel powered vehicles. Revenue of $9.7 million beat analyst estimates of $8.77 million, according to S&P Capital IQ, but still fell from $10.3 million during the same quarter in 2015. A net loss of $2.8 million was less than a net loss of $3 million last year. The company had a net loss per share of 15 cents after analysts predicted a net loss per share of 10 cents.
Operating expenses increased to $5.9 million during the quarter, from $5.5 million last year. Still, the company faces short term cash questions. The company said it had $1.6 million in cash at the end of March, down from $3 million on Dec. 31. S&P Capital IQ also said the company has a profitability margin of -21.48 percent.
The company said in a news release it closed a new $2 million loan with Kanis S.A. and amended existing agreements giving the company the ability to convert a $7.5 million balance debt into equity if it held another public stock offering.
“We believe these agreements provide us with an important opportunity to significantly reduce the debt on our balance sheet and thereby reduce our cost of capital, accelerating our path to profitability,” Clean Diesel CEO Matthew Beale in a news release.
On Feb. 12, Clean Diesel received a delisting notice from the Nasdaq stating it had until Aug. 10 to get its share price above $1 and stay listed on the exchange. Since then, Clean Diesel’s stock has trended downward. As of 12:39 p.m., the company’ stock was down 3 cents to 38 cents per share.
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