Mechanical Technology, Inc. (OTCQB: MKTY) reported its product revenue decreased by USD2.5 million in 2015 compared to 2014, the company said.
Reduced instrument shipments to Asia resulting from the weakness in the Asian economies combined with the delays associated with the issuance of a new US Air Force contract was not offset by sales of new product during 2015.
Operating loss of USD1.5 million in 2015, or a USD0.28 operating loss per share, was primarily a result of the reduction in revenue.
Gross profit, albeit strong at 60.9 percent but down compared to the 62.6 percent gross profit in 2014, was negatively impacted during 2015 due to the composition of the customer and product mix. The gross margin remains acceptable for the business as the mix continues to change.
Cash was USD462 thousand at the end of 2015 compared to USD1.9 million at December 31, 2014, reflecting the impact of the operating losses for the year.
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. MTI Instrument´s products use a comprehensive array of technologies to solve complex, real world applications in numerous industries including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage.