Evergreen Solar Inc. (Marlboro, MA) announced results for the third quarter ended September 30, 2002. For the three months ended September 30, 2002, product revenues were $1.5 million, an increase of $1.0 million from $424,000 for the same period in 2001. Research revenues for the third quarter were $641,000, an increase of $488,000 from $153,000 for the same period of last year.
Net loss for the third quarter of 2002 was $2.7 million, or $0.24 per share, as compared with a net loss of $3.5 million, or $0.31 per share, for the third quarter of 2001. At September 30, 2002, cash, cash equivalents and short-term investments totaled $13.5 million, compared to $26.3 million at December 31, 2001, and $18.0 million at June 30, 2002. Net fixed assets increased slightly to $15.9 million from the second quarter of 2002. Capital expenditures for the quarter were $788,000.
For the nine months ended September 30, 2002, product revenues were $3.4 million, an increase of $2.7 million from $782,000 for the same period in 2001. Research revenues for the nine months were $1.1 million, an increase of $253,000 from $831,000 for the same period in 2001. Net loss for the first nine months of 2002 was $9.6 million, an increase of $930,000 from $8.7 million for the same period in 2001.