Superconductor Technologies, Inc. (NASDAQ:SCON)’s CEO Jeff Quiram reported that in 3Q2016, their HTS wire program focused on showing the market pioneering critical current performance while utilizing strengthened wire template. They considerably enhanced Conductus® wire performance in the quarter, attaining almost 80% of their objective while maintaining target things for mechanical strength. Once the full requirement is achieved, they intend to ship wire promptly to major clients to close current qualification orders.
Increasing wire demand remains to foster government and industry support for HTS wire making. The US Department of Energy has reported it plans to contribute funds later this year to boost the advancement of enabling technologies for next-gen machines. A pioneer manufacturer of motors and generators and two reputed academic institutions have associated with STI in providing a proposal to the DOE.
They continue to be approached by clients pursuing new market prospects, many of which need a quantity of wire that surpasses current yearly manufacturing capacity. This underway activity, along with new orders for demonstration and qualification assignments, provides them confidence that the market prospects remains attractive.
Superconductor CEO added that they are thrilled by the interest shown in the ASMI, where they continue to play a vital role. This industry-led institute is concentrated on achieving the HTS wire manufacturing performance essential to address the future needs for device manufacturers. The objective of ASMI is to allow U.S. industry to move ahead in the global market. Their key initiative is to attain a 10-fold jump in HTS wire manufacturing output, overcoming the availability obstacles that exists now. Lately, many Fortune 500 firms have joined these initiatives, increasing involvement by renowned industry leaders.
Superconductor 3Q2016 net revenue came at $22,000 compared to net revenue of $91,000 in 3Q2015. Revenue for the reported period came mainly from legacy wireless products. In 3Q2016, Net loss was $2.9 million against $2.4 million in the third quarter of 2015.