Sales stumble for ThermoEnergy
James F. Wood, Chairman & CEO, ThermoEnergy Corp.
Worcester-based ThermoEnergy Corp., which makes wastewater-treatment and power-generation systems, saw its revenue plummet in 2013.
The company’s revenue in the fourth quarter, which ended Dec. 31, fell from $1.35 million in 2012 to $191,000 in 2013. The 2012 revenue stemmed mainly from a contact with New York City’s Department of Environmental Protection, which was terminated in spring 2013.
For the year, revenue fell from $6.97 million in 2012 to $2.81 million in 2013. James F. Wood, the company’s chairman and CEO, said the company is trying to improve its margins and reduce its manufacturing lead times, which currently range between 16 and 24 weeks.
“Oil and gas is a sustainable market and major focus for the company’s technology,” Wood said. “However, based on the infancy of our offering to this segment, achieving scale is taking longer than expected.”
Net loss in the fourth quarter fell from $1.44 million in 2012 to $1.31 million in 2013. For the year, losses were pared from $7.4 million to $1.6 million.
The company has increasingly focused on technologies that can recover clean, usable water from the hydraulic fracturing process. He expects demand for these products to continue to grow as drought, climate change and population growth strain water resources in West Texas and California’s Central Valley.
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