Montchanin, Del.-based Acorn Energy reported higher revenues and losses as the company predicted a good year for its holdings.
The company focuses on buying majority stakes in growing companies.
All portfolio companies recorded increased revenues with the major contributions coming from GridSense, up 43 percent or $277,000 and DSIT, up 26 percent or $630,000.
Each subsidiary is currently engaged in expanding operations to accelerate growth, resulting in increased losses for the first quarter to $4.2 million, compared to a 2011 first quarter loss of $2.2 million.
John Moore, CEO of Acorn Energy, said, “The first quarter of 2012 set the stage for another exciting year for Acorn Energy. We continue to focus on applying innovative technologies to make the huge world-wide energy infrastructure cleaner, safer, cheaper and more reliable.” Click below for the complete report:
