Ambient reports $2.0 million in revenue for the second quarter 2013

Greentech Lead America: Ambient Corporation, a provider of smart grid communications and applications platform, has reported approximately $2.0 million in revenue for the three months ended June 30, 2013, a decrease of approximately 80 percent from approximately $10.0 million for the same period in 2012.

Total revenue for the six months ended June 30, 2013 was approximately $7.0 million, representing a decrease of approximately 70 percent from approximately $23.2 million for the same period in 2012.

The decrease in total revenue during the three months and six months ended June 30, 2013, as compared to the same periods in 2012, is attributable primarily to the near-completion by the Company’s largest customer of its grid modernization project in Ohio, the company said.

Net loss for the three and six months ended June 30, 2013 was approximately $4.9 million.

John J. Joyce, president and chief executive officer, said, “Ambient’s June quarter results underscore that our Company’s single most important priority is to encourage revenue growth by diversifying the customer base.”

“To that end, we continue to enhance our node technology so that we can expand our serviceable markets and open up additional opportunities where we are working diligently to position ourselves for success as we move into 2014,” Joyce added.

Recently Ambient marked a milestone accomplishment when the company announced that following a successful pilot project, Consolidated Edison contracted with Ambient to provide a solution for interfacing with commercial and industrial meters to collect and transmit data directly to their control center.

editor@greentechlead.com