Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, announces its financial results for Q1 2011. Along with aggressive pursuit of North American opportunities, the company highlights expanding their market via China Southern Rail Corporation Limited (CSR), and a major United Kingdom (UK) based OEM.

GROWTH HIGHLIGHTS:
  • $2.9M in revenue for Q1 2011, an increase of 217% over the same period in 2010
  • 164% increase in gross income for Q1 2011 over the same period in 2010
  • 7 th consecutive quarter with positive gross margins

Enova President and CEO Mike Staran stated, “Our 1 st quarter revenues showed solid volume and our 7th consecutive quarter with positive margins. In conjunction with our aggressive efforts in North America, our new incremental relationships formed in China and Europe allows us dramatically improved opportunity.” Staran added, “On the heels of another positive quarter, we anticipate that our current cash balance and projected cash inflow from customer receivables will be adequate to meet our working capital and capital expenditure needs for at least the next 12 months.”

CUSTOMER HIGHLIGHTS:

Confirming Q1 2011 performance, Enova shipped the following:
  • Charge-depleting plug-in hybrid school bus systems delivered to Navistar
  • Full EV drive systems and other system components delivered to Smith US (SEV) and Smith Europe
  • Pre-transmission sets delivered to First Auto Works (FAW)
  • Post Transmission sets delivered to First Auto Works (FAW)
  • Full EV drive systems and other system components delivered to Freightliner Custom Chassis (FCCC)

Enova Chief Financial Officer John Micek said, “With consistent, positive margin quarters and recurring core customer revenue, our management team has started entertaining preparations for conference calls to discuss financial results.”

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