Azure Dynamics reports results for third quarter of fiscal 2010

Electric power train developer Azure Dynamics has reported its financial results for the third quarter ending 30 September 2010.

Revenue for the quarter totalled $1.8m (£1.1m) compared to $3.2m in the third quarter of 2009.

Net loss for the third quarter of 2010 was $6.4m, compared to a loss of $5.7m in the same period a year ago.

As of 30 September 2010 the company’s net cash and cash equivalents totalled $25.3m and working capital totalled $21.7m, compared to cash and cash equivalents of $6.5m and working capital of $11.1m at the end of the same period last year.