Hydrogenics Corporation (NASDAQ:HYGS) reported net loss for the first quarter of $ 1.95 million or $ 0.13 per share, compared to loss $ 2.3 million or $ 0.18 per share for the year-ago quarter.
The Mississauga based company recorded revenue for first quarter decreased 7% to $ 8.15 million from $ 8.73 million in the same quarter last year.
Analysts polled by Thomson Reuters expected HYGS to report loss of $ 0.12 per share on revenue of $ 10.85 million for the first quarter.
Daryl Wilson, President and Chief Executive Officer, commented, Revenue was down slightly year-over-year, reflecting shipment timing, but our gross margin and gross profit both rose due to improved product mix, ending the quarter with approximately $19.4 million of cash. We continue to bid on a steady stream of quotes for mobility fuel cells, energy storage systems, and fueling station equipment throughout North America and abroad while remaining particularly bullish on China and parts of Europe.