Axion Power International, Inc. (OTCMKTS:AXPW) Fails To Recover
After a long slide we saw Axion Power International, Inc. (OTCMKTS:AXPW)’s descent get steeper earlier this month and the daily volumes increased significantly. This all happened despite all the efforts of the company to boost investor confidence by issuing optimistic press releases.
This, however, wasn’t that surprising, considering the negative sentiment that investors have for AXPW. One of the reasons for this was the weak performance of the company throughout 2015. The results that the company recorded for 2015 were pretty terrible and it seems like it is still having a hard time.
AXPW filed its report for the first quarter of the year in the beginning of this week and it contained the following numbers of prime interest in its balance sheet.
- cash: $1.25 million
- current assets: $7.2 million
- current liabilities: $10.01 million
- net sales: $14 thousand
- net loss: $2.06 million
These numbers look quite terrible. Apart from the decent cash and current assets the company’s net sales have dropped from a quarter of a million dollars in Q1 of 2015 to a mere $14 thousand in Q1 of this year. Meanwhile, the net loss for the period has more than doubled compared to the same time last year.
Despite that AXPW somehow managed to surge 36% up the charts in Wednesday. The upward movement, however, was short-lived and we saw the ticker drop 22.35% in yesterday’s trading, while a total of 6.16 million traded shares generate $89 thousand in daily dollar volume.
Today’s session is going rather well and we might see AXPW finish the week in the green. Still, you should be sure to do your due diligence and weigh out the risks before putting any money on the line.
