Shares digital

IdaTech (IDA:AIM) – Finals PTP: -$16.3m (-$18.8) Divi: n/a (n/a)

Unlike most other fuel cell technology developers, Oregon-based IdaTech, which joined Aim last August, makes a gross profit – $0.4 million in 2007, equating to a 7.5% gross margin. Revenues last year were $5.1 million, higher than the pro-forma $4.7 million figure for 2006. The operating loss was roughly 13% lower at $16.3 million, thanks to ‘strong cost discipline’, according to house broker Dresdner Kleinwort.

IdaTech manufactures fuel cell backup power units for telecom operators and should make further commercial progress, having vendor status granted by eight large telecoms, thanks to the units’ efficiency in hydrogen reforming. At 99p, the shares are 3% down from the high in August. A risk is that the company may have to tap the markets for funding before the end of the year.

Shares says: Further progress on the commercial side could raise enthusiasm.

by: Carlo Svaluto