Wellington Drive Technologies is burning up cash but still has $2.4 million in the bank to develop world markets for its innovative brushless motors.
The North Shore-based company yesterday reported an after-tax loss of $2.9 million for the year to June 30.
The company's sales revenue from licensing royalties, product sales andengineering fees was $334,000.
Those figures compared with a loss of $2 million and sales of $300,000 for the previous year.
Listed on the Stock Exchange in February last year, Wellington Drive makes electronically commutated motors for appliances such as fans and air filters.
