Beacon Power Announces Third-Quarter 2005 Results

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Beacon Power Corp (BCON) reported revenue of $304,064, compared to revenue of $80,902 in the third quarter of 2004, an increase of $223,162, or 276%. Revenues for the nine months ending September 30, 2005, were $1,258,503, compared to $264,793 for the same period in 2004, an increase of $993,710, or 375%. Beacon Power reported a net loss of $2.1 million, or ($0.04) per share, compared to a net loss of $1.9 million or ($0.04) per share for the third quarter of 2005 and 2004, respectively, representing an increase of approximately $0.2 million or 16%. They ended the third quarter of fiscal 2005 with approximately $3.4 million in cash and cash equivalents. On November 8, 2005, the Company raised approximately $15 million, before expenses of approximately $0.8 million, from ten institutional investors in a private placement. The Company expects to use the proceeds to begin development of its Smart Energy 25 flywheel, which is a key component of the Company’s Smart Energy Matrix system for frequency regulation. [ more ]

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