Enova Warns of Coming Revenue Hit
13 October 2006
Enova Systems, developer of drive systems and related components for electric, hybrid-electric, and fuel-cell-powered vehicles for original and retrofit applications, warned today that slow orders and delivery delays will have a substantial impact on its anticipated revenues for 2006.
The company had already cautioned on announcing its second quarter results in August that customer relationships “had moved more slowly than originally anticipated” and that the revenue outlook for 2006 would depend on securing a number of orders during the third quarter, for which proposals had recently been submitted, as well as securing further orders.
Enova now states that although it is working with major companies (either as customers or in the evaluation phase), these relationships are continuing to convert into hard orders too slowly.
In addition, where orders have been secured, certain customers, including customers under the Advanced Energy award announced in July 2006, are not requiring delivery of the products be made in 2006 calendar year. These factors combined will have a substantial impact on anticipated revenues for 2006.
Among its other projects, Enova is the provider of the hybrid drive system for the IC hybrid school bus, which also offers a plug-in configuration. (Earlier post.)
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