Since I’m still long a bit of ENER (and losing money), I decided to finally check the financial numbers again given the current stock price. So I quickly pulled up the last quarters’ financial release and saw this:

“Total revenues for the third quarter of fiscal 2010 were $72 million, an increase of nearly ten percent from $66 million in the third quarter of fiscal 2009, and 36 percent from $53 million in the second quarter of fiscal 2010.

Net loss for the third quarter of fiscal 2010, was $385 million, or $9.10 per diluted share. Excluding the impairment charge, the quarter’s net loss was $27 million, or $0.64 per diluted share. The company reported net income of $1 million, or $0.03 per diluted share, in the third quarter of fiscal 2009 and a net loss of $39 million, or $0.92 per diluted share, in the second quarter of fiscal 2010.”

Well, after seeing this again, I feel a bit more comfortable in my position in ENER junk. You have to love a $385 million loss, or $9.10 per share! Seems like exactly the type of massive loss that signals a bottom in the abysmal financial performance. And sales are beginning to increase? I’m hopeful that things can only improve from here. I guess their next step is to somehow refinance all their convertible debt issued during the last solar boom.

In any case, the next quarters numbers should surely prove interesting and provide evidence of continued improvement or descent into oblivion.

Not that history repeats, but I encourage readers to check out PWER’s quarterly report last year when the stock was less than $1 (thru June 2009, the company had lost over $60 million and looked headed for bankruptcy). A year later, it’s up over 1,000%, profits are soaring, and everyone loves the company.

Lesson: Things change (or so I hope).

Disclosure: Affiliates of Envoy Global Research, and its principals, own shares in ENER. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.