Austin-based Superconductor Technologies, which develops and commercializes high-temperature superconductor materials and technologies, reported a significant revenue decline in the fourth quarter.
The company's revenue dropped 200 percent in the fourth quarter of 2015.
Superconductor Technologies reported fourth quarter revenues of $27,000, compared with $82,000 in the same quarter a year ago. For the full year, revenues were down 61 percent, with full-year revenue of $244,000.
Superconductor Technologies managed to narrow its profit loss in the fourth quarter to $2.4 million, or 8 cents a share, from $2.8 million, or 22 cents a share in the year-ago period.
The company said that in 2015, it increased the number of customers using its signature Conductus wire product. Superconducting wire is typically used in scientific and medical equipment where high magnetic fields are needed.
“We continue to target large market segments including superconducting fault current limiters, magnets, power transmission cables, motors, and NMR and MRI machines, and the forecasted demand still far exceeds our installed capacity. We remain focused on customers that we believe will have the shortest path to market," Superconductor Technologies president and CEO Jeff Quiram said in a written statement.
The company's fourth quarter results were announced before the market opened on Wednesday. Its stock closed Wednesday down 6 cents, or 22.2 percent, at 21 cents.
Superconductor Technologies moved its headquarters from Santa Barbara, Calif., to Austin in 2012. The company in 2013 raised about $12 million in a stock and warrant offering.