Superconductor Technologies Inc. (NASDAQ:SCON) reported first quarter earnings before market open today, that missed street view.
On a GAAP basis, SCON reported net loss of $ 2.18 million or 20 cents per share, compared with loss of $ 2.63 million or 26 cents per share, a year ago period.
Headquartered in Austin, Texas, SCON recorded total revenue that rose 2% to $ 0.25 million from $ 0.01 million in the same quarter last year.
Analysts polled by Thomson Reuters expected Superconductor Technologies Inc. to reveal loss of $ 0.16 per share on revenue of $ 0.32 million for the first quarter.
Jeff Quiram, STI’s president and CEO, stated, In the first quarter of 2018, as previously announced, we expanded our Conductus® wire product development efforts related to next generation electric machines (NGEMs) with the US Department of Energy (DOE) and widened our NGEM scope to multiple applications.