NCET

Altair Nanotechnologies burned through $14.6 million in cash during the first quarter, and its new chief financial officer says the company needs to get the burn rate under control quickly.

Even after some one-time expenses — employee bonuses, payments to investment bankers — are backed out of the first quarter number, Altair was burning through $2.64 million in cash each month.

“That’s too high for a company with our current revenue stream,” Chief Financial Officer John Fallini told investors in the publicly held company last week.

He said Altair’s management team, including interim President Terry Copeland, is focused on projects that are expected to generate revenue quickly. Read full story:

Technorati Tags: Altair Nanotechnologies, Northern Nevada Business Weekly, John Fallini, AES Corp., NCET, Nevada’s Center for Entrepreneurship and Technology

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This entry was posted on Monday, May 12th, 2008 at 4:11 pm and is filed under Reno-Tahoe. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.