Quantum's net loss further expanded from May to December last year

According to PR News, Quantum Fuel Systems Technology Inc. of the United States recently released its unaudited financial report from May 1, 2011 to December 31, 2011.

From May to December last year, Quantum’s operating income reached US$24.5 million, an increase of 133% year-on-year, and operating income for the same period in 2010 was US$10.5 million. The increase in operating income was mainly attributable to the increase in shipments of the Q-DriveTM hybrid system supplied to Fisker EVs.

From May to December of last year, Quantum’s overall operating loss increased by US$22.7 million to US$35.4 million. The increase in operating loss was mainly due to its decline in market value at the end of 2011; the overall net loss was 3,850 Million US dollars, the net loss for the same period in 2010 was 6.5 million US dollars.

Quantum Fuel Systems Technologies, headquartered in Irvine, Calif., is a synthetic alternative energy company. The company develops and produces advanced propulsion systems, energy storage technologies, and alternative fuel vehicles.