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Quantum Fuel Systems Technologies Worldw (QTWW) filed Quarterly Report for the period ended 2010-10-31.

Quantum Fuel Systems Technologies Worldw has a market cap of $91.5 million; its shares were traded at around $0.488 with and P/S ratio of 9.5.

Highlight of Business Operations:
Product revenue for the Electric Drive & Fuel Systems segment increased $0.3 million, or 75% from $0.4 million in the second quarter of fiscal 2010 to $0.7 million in the second quarter of fiscal 2011, and increased $0.8 million, or 133%, from $0.6 million in the first six months of fiscal 2010 to $1.4 million in the first six months of fiscal 2011 due in part to the initial product shipments to Fisker Automotive related to our Q-Drive hybrid drive systems and increased shipments of high pressure fuel storage tanks for CNG applications. We expect product revenue to increase significantly in the latter part of fiscal 2011 as a result of anticipated sales to Fisker Automotive associated with the planned launch of the Fisker Karma in February 2011.


Contract revenue for the Electric Drive & Fuel Systems segment increased $0.8 million, or 36%, from $2.2 million in the second quarter of fiscal 2010 to $3.0 million in the second quarter of fiscal 2011, and increased $0.6 million, or 12%, from $5.1 million in the first six months of fiscal 2010 to $5.7 million in the first six months of fiscal 2011. Contract revenue is derived primarily from system development and application engineering of our products under funded Fisker Automotive contracts, OEM contracts, aerospace programs, and other funded contract work with the United States (US) military and other government agencies. Fisker Automotive represented $1.0 million and $1.6 million of contract revenue earned during the second quarters of fiscal 2010 and 2011, respectively.

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Interesting quote from the report:

On November 9, 2010 we announced that the specific components of our hybrid powertrain system to be supplied to Fisker Automotive by us under the Fisker Supply Agreement had been amended. Under the terms of the amended supply agreement, we will be the exclusive supplier to Fisker Automotive of the following components and subsystems included within our Q-Drive powertrain system that will be used in Fisker Automotive's Karma vehicle: (i) the hybrid controller and hybrid control software, (ii) the on-board charger, (iii) the DC-DC converter, and (iv) the solar roof. The purchase price for these components and subsystems on a per vehicle basis (which includes a service fee, license and royalty fee) starts at approximately $4,100 for the first 6,500 vehicles and gradually decreases based on volume to approximately $3,200 dollars once 30,000 units are ordered and stays at that price for volumes in excess of 30,000 units. The aggregate value of outstanding purchase orders related to the Fisker Karma program, as amended, approximated $24.4 million as of that date.