Exhibit 99.1

Hoku Scientific, Inc. Reports Results for Fiscal Year and Fourth Quarter Ended March 31, 2006

Highlights:

• Annual revenue increases to $5.5 million from $2.9 million in the prior year

• Annual net income increases to $0.09 per diluted share from a loss of $0.13 per diluted share in the prior year

• Fifth consecutive profitable quarter

• Hoku and Nissan Motor Company, Ltd. enter into new collaboration agreement

• Four new test agreements signed

KAPOLEI, Hawaii – May 4, 2006 – Hoku Scientific, Inc. (NASDAQ: HOKU), a designer, developer and manufacturer of membrane electrode assemblies (MEAs) and membranes for proton exchange membrane (PEM) fuel cells, today announced its financial results for its fiscal year and fourth quarter ended March 31, 2006. The Company also provided a general update on its business.

Revenue for the fiscal year ended March 31, 2006 was $5.5 million compared to $2.9 million for fiscal 2005. Revenue for the quarter ended March 31, 2006, was $1.3 million that was comprised principally of $1.2 million in revenue from contracts with Nissan Motor Co., Ltd. compared to $2.8 million in the same period in 2005 that was comprised principally of $2.5 million of revenue upon completion of the development contract with Sanyo Electric Co. Ltd. Total deferred revenue declined to $4.0 million at March 31, 2006, compared to $4.2 million at March 31, 2005. As of March 31, 2006, deferred revenue was primarily attributable to contracts with the U.S. Navy of $2.1 million and Nissan Motor Co., Ltd. of $1.7 million. As of March 31, 2005, deferred revenue was primarily attributable to contracts with Nissan of $4.1 million, all of which was recognized during fiscal 2006.

Net income, computed in accordance with U.S. generally accepted accounting principles, or GAAP, for the fiscal year ended March 31, 2006 was $1.3 million, or $0.09 per diluted share, compared to a GAAP net loss of $728,000, or $0.13 per diluted share, for fiscal 2005. GAAP net income for the quarter ended March 31, 2006 was $508,000, or $0.03 per diluted share, compared to GAAP net income of $1.4 million, or $0.11 per diluted share, for the same period in 2005. The higher net income in the fourth quarter of 2005 was due to the recognition of $2.5 million of revenue upon completion of the Company’s development contract with Sanyo.

Non-GAAP net income for the fiscal year ended March 31, 2006 was $2.4 million, or $0.16 per diluted share, compared to $536,000, or $0.10 per diluted share, for fiscal 2005. Non-GAAP net income for fiscal 2006 and 2005 excludes non-cash stock-based compensation of $1.1 million and $1.3 million, respectively. Non-GAAP net income for the quarter ended March 31, 2006 was $791,000, or $0.05 per diluted share, compared to $1.8 million, or $0.14 per diluted share for the fourth quarter of 2005. Non-GAAP net income for the quarters ended March 31, 2006 and 2005 excludes non-cash stock-based compensation of $283,000 and $366,000, respectively. The accompanying schedules provide a reconciliation of net income (loss) and net income (loss) per share computed on a GAAP basis to net income and net income per share computed on a non-GAAP basis.

Dustin Shindo, chairman, president and chief executive officer of Hoku Scientific, said, “We were profitable for the fiscal year ended March 31, 2006 and have now achieved our fifth consecutive profitable quarter. We


The following information was filed by Hoku Corp (HOKUQ) on Thursday, May 4, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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