Jeff Quiram, the CEO of Superconductor Technologies, Inc. (NASDAQ:SCON) expressed his views on the company’s 3Q2016 performance. He said that in the reported quarter, the main focus of their Conductus wire development plan was to show market-leading critical existing performance, using the strengthened wire template that they completed in 2Q2016. The company has made considerable progress in 3Q2016, obtaining nearly 80% of target performance.
The CEO of Superconductor Technologies stated that as many of investors know, they have shown the ability to record extremely high critical existing performance that fulfills customer needs in the past. While dissatisfied that the company has failed to meet consumer expectations to-date, they remain confident along with their clients that the company will achieve this task in the near-term.
Since moving to enhanced template, they have continued to restructure manufacturing techniques and enhance volumes with the objective of matching production to order requirements for short-term. They consider that once qualification is done, the company will witness robust demand for Conductus wire next year.
Commenting on ongoing firm activities, Quiram said that STI remains to be actively involved in market events and industry shows. As stated previously, a pioneer manufacturer of motors and generators and two reputed academic institutions have associated with STI in giving a proposal for the Next-Gen Electric Machines plan for U.S. Department of Energy. The joint deal is allowed Process Modernizations for HTS Wire Manufacturing. All offer for which the DOE demanded full submissions are under evaluation with a statement of the winning offers expected soon.
Superconductor Technologies decided to pursue this capital opportunity as it is synergistic with current product roadmap and openly addresses customers’ requests for augmented infield magnetic show and better pricing for Superconducting Wire.
The CEO added that they welcome the prospect to work closely with their commercial associate, who desires considerable wire enhancements that apply to various applications including, motors, generators and magnets.
On Friday, the stock price of Superconductor Technologies declined more than 36% to close the week at $2.09. The decline came at a share price of 2.91 million compared to average share volume of 843,977.