May 25, 2024
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Clean Diesel Technologies reports $23.5 million net loss


Clean Diesel Technologies reported a $23.5 million net loss March 31, equal to $3.84 per share, for its fiscal year 2016, on revenues of $36.8 million, down 7 percent from $39.7 million in 2015.

Fourth quarter revenues for the Oxnard maker of vehicle products fell from $9.7 million in 2015 to $8.6 million in 2016, and operating expenses grew from $5.5 million to $9.3 million for the same periods. Net loss for the quarter was $7.6 million, or 69 cents per share, compared to less than $1 million during the fourth quarter of 2015.

“In 2016, we completed a comprehensive financial and operational reorganization of CDTi, creating the foundation for our advanced materials and high-value catalyst business,” CEO Matthew Beale said in a news release, highlighting growth in emissions control for its North America, China and India markets. β€œIn addition, we secured core commercial partnerships that will drive profitable revenue growth.”

The company expects revenues to decrease slightly in 2017 to between $32 million and $35 million and targets the second half of the year to break even on income from continuing operations.

The company had $7.8 million in cash on hand for the year ended Dec. 31, up from $2.96 million in 2015, with total liabilities of $16.2 million, down from $24.7 million. Shares for Clean Diesel ended at $2.69 on March 31, up 25 percent year to date.

β€’ Contact Marissa Nall at