Tiger Telematics, maker of the Gizmondo, filed its annual report with the SEC showing a loss of $210 million in the first six months of 2005. The company attributes this loss to a large investment into the release of the new versions of the Gizmondo and marketing expenses.

However, with total losses of more than $328 million ($11.1 million in 2002, $8 million in 2003, $99 million in 2004 and $210 in the first six months of 2005), investors are looking to see results of the new Gizmondo releases. The company has $71 million in cash or current assets (easily convertible to cash) which should provide the company time to see how the Gizmondo does on the market, given that the large development costs are likely over.

The Gizmondo is a nice device, but it is entering a very competitive market with much larger players. These latest versions compare much more closely with Sony’s PSP, with its own pluses and minuses. With all considerations, it will be difficult for the company to sell enough units to breakeven, but the possibility does exist. While Sony and Nintendo are focusing almost entirely on gaming, Tiger Telematics has opened the device up early to other types of applications.

At the very least, it is good to see someone trying to shake up the mobile console market. Nintendo took a bold step with the DS, but there is always room for innovation.

For those that are interested, the full year results filing can be found online here.