My finance view

Ecotality Inc. revenue took a hit last year as the company as it shifted focus to its $100 million federal contract to develop a pilot network of charging stations for electric vehicles — dropping from $11.2 million to $8.6 million.

The company also saw its net loss increase to $29.5 million, or $8.16 per share, from $8.07 million. Officials said increased expenses related to the restructuring of debt and obtaining new capital, contributed to losses. As of Dec. 31, Ecotality had $11.8 million of cash on the balance sheet with assets of $19.6 million.

"Over the course of the year, we successfully transformed the company in to the leading EV infrastructure company both domestically and internationally,” said CEO Jonathan Read in a statement. “During the fourth quarter we strengthened our balance sheet and secured the capital needed to begin the deployment of our charging infrastructure under the DOE agreement.”

Although its stock currently is traded over the counter, the company recently applied for a listing on The Nasdaq Stock Market.

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