Birmingham, Ala.-based Confederate Motors Inc. reported a $1 million third quarter loss after shipments took a tumble.
Net losses skyrocketed $2.9 million the first nine months of 2009 compared to a net loss of $39,961 for the first nine months of 2008.
Net revenue year-to-date tumbled to $494,018 compared to $1.8 million the same period last year, according to the Birmingham Business Journal.
Confederate reported $333,108 in losses from operations and $757,500 in stock-based compensation for the three months ended Sept. 30. Revenue in the third quarter dropped to $150,633 compared to $659,357 for the third quarter of 2008.
Posted by Holly Wagner
The same period last year, Confederate Motors reported net losses of $41,379 and $3,559 in losses from operations.
The custom shop was founded in 2003 and moved from New Orleans to Birmingham in 2005.