American DG Energy Inc. reported a net loss of $310,000, or $0.01 per share, in the third quarter of 2009. This was just slightly better than the $416,000 net loss reported in the same quarter of 2008.
American DG Energy Inc. reported revenues of $2.0 million in the quarter, a sharp increase from the $1.4 million reported last year. The company ended the quarter with $5.4 million in cash and short-term investments.
“We continued to execute our strategic plan and strengthen our leadership position as a leading On-Site Utility,” said John N. Hatsopoulos, the CEO of American DG Energy Inc.
American DG Energy Inc. is an onsite utility company that installs cogeneration and chiller systems at customer locations. A cogeneration system is comprised of combined heat and power equipment that a customer uses to provide electricity and heat to an office building or other facility. Chiller equipment is used to provide air conditioning.
The system provides these services more efficiently and reduces customer’s utility costs by as much as 15% over traditional sources. American DG Energy Inc. has an installed base of 59 systems installed and 13 on order.