Altair Nanotechnologies Inc. reported financial results for the first quarter ended March 31, 2011. For the first quarter of 2011, Altairnano reported a 114 percent increase in revenues to $2.6 million, up $1.4 million from the first quarter of 2010. Customer caused delays in first quarter shipments of lithium titanate to Zhuhai YinTong Energy (YTE) and of battery modules to Proterra, the company’s largest customer in the transportation market, negatively impacted revenues. Without these delays first quarter results would have been considerably higher.
The net loss was $5.9 million, or $0.22 per share, compared to a net loss of $6.1 million, or $0.24 per share, for the first quarter of 2010. The basic and diluted weighted average shares outstanding for the quarter were 26.8 million, compared to 26.3 million for the same period in 2010.