Highlights (lowlights) from the earnings release:
- Total revenue for the second quarter of 2012 was $17.0 million, a decrease of 53% from $36.4 million in the second quarter of 2011.
- Gross loss was ($29.2) million in the second quarter of 2012, compared to a gross loss of ($17.5) million in the second quarter of 2011.
- A123 Systems had cash and cash equivalents of $47.7 million as of June 30, 2012. This balance does not reflect $6.8 million in net proceeds from the Company’s registered direct offering of common stock and warrants announced on July 6, 2012, $30.0 million from the Company’s 6.00% senior convertible notes offering that was restricted as of June 30, 2012, or the bridge facility, and convertible notes and warrants offering announced today. Cash and cash equivalents were $113.1 million as of March 31, 2012.