OREANDA-NEWS. Superconductor Technologies Inc. (STI) reported financial results for the quarter ended April 2, 2016.

“The advantages of superconducting devices over conventional methods for power and electric grid applications is driving commercialization of superconducting products around the world,” stated Jeff Quiram, STI’s president and chief executive officer. “In particular, the demand for superconducting fault current limiters (SFCLs) and high efficiency generators has gained momentum as utilities and governments seek to protect the electrical grid, improve efficiency and reduce carbon emissions. In this rapidly expanding market, industry participants are demanding improved performance and greater availability of high quality HTS wire. 

“STI’s objective is to meet this challenge with our customers by providing Conductus® wire that improves the product availability, performance and economics of HTS solutions. Conductus wire has repeatedly achieved market leading current handling performance that meets or exceeds our customers’ specifications for SFCLs, high field magnets and power transmission cables. We are focused on improving our mechanical stress specifications to meet customer requirements for our target applications. Our efforts to resolve these technical challenges are not yet complete. However, we believe that we are on the right path to gain customer approval. We remain excited about the industry trends and the potential for Conductus wire.”

STI’s first quarter 2016 net revenues were $89,000, compared to $55,000 in the first quarter of 2015 and $27,000 in the fourth quarter of 2015. Revenue for all periods was primarily from legacy wireless products. Net loss for the first quarter 2016 was $2.6 million, or a loss of $0.07 per basic and diluted share, compared to a net loss of $1.4 million, or a loss of $0.10 per basic and diluted share, in the first quarter of 2015, and a net loss of $2.4 million, or a loss of $0.08 per basic and diluted share in the fourth quarter of 2015.

As of April 2, 2016, STI had $5.6 million in cash and cash equivalents.

Investor Conference Call
STI will host a conference call and simultaneous webcast today, May 12th at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time to discuss its results. Participating in the call will be Jeff Quiram, president and chief executive officer; and Bill Buchanan, vice president and chief financial officer. To listen to the call live, please dial 1-888-539-3696 at least 10 minutes before the start of the conference. International participants may dial 1-719-457-2664. The conference ID is 7110234.  The call will be webcast and can be accessed from the “Investor Relations” section of the company’s website.  A telephone replay will be available until midnight ET on May 14th  by dialing 1-877-870-5176 or 1-858-384-5517, and entering pass code 7110234. A replay will also be available at the web address above.