Titan Energy Worldwide has reported gross revenues of $1.64 million and an operating loss of $0.67 million for the third quarter of 2007, compared to revenues of $2.8 million and losses of $0.51 million in the previous quarter.

According to Titan Energy, approximately $0.28 million of the third quarter losses were attributable to interest expense, amortization of debt discounts and financing costs related to the company’s fund raise. The company put the lower sales revenues down to the restructuring of its Stellar subsidiary’s sales and service operations in order to improve overall margins.

The company also revealed that it has filed more than $3 million of its $10 million private placement of preferred stock. With the net proceeds from this raise and conversion of other debt to stock, the company was able to retire more than $3.8 million of its approximately $4.3 million in short-term and long-term debt.

John Tastad, CEO of Titan Energy, said: Our sales numbers are down in the Stellar Energy subsidiary from what we expected, primarily due to our focus on reorganizing and streamlining the sales and service operations following the acquisition of Stellar. I believe we have achieved many of our goals in both areas and have positioned the company for a strong 2008.