The company today reported financial results for the year ended December 31, 2011. Total revenue for 2011 was $62.3 million, a 206% increase from $20.4 million in 2010. Net income came in at $4.8 million, or 28 cents per diluted share, compared to a net loss of 21 cents a share last year. Ambient’s gross margin increased somewhat too, from 41% last year to 43% in 2011. Finally, its cash position increased to $18 million at year-end from $7 million at the end of 2010.
As can be seen from the numbers, Ambient experienced significant growth last year. It also achieved many key operational milestones. For example at the end of 2011, the company had over 75,000 communications nodes deployed in the field communicating with over 700,000 smart grid end devices. The company is partnered with leading companies in the “smart” meter sector like Itron and Badger Meter and is also partnered with leading utility, Duke Energy.
Interest in Ambient’s communications platform continues to grow and the company is pursuing projects with other potential customers. Its president and CEO, John J. Joyce, said, “On the foundation of a strong balance sheet, driven by field-proven technology…we believe we are well positioned to execute on a primary objective for 2012 – the diversification of our customer base.”
For additional information about Ambient, please visit its website at www.ambientcorp.com
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