Bsquare Corporation (NASDAQ: BSQR) today announced financial results for the first quarter of 2017.
Jerry Chase, Bsquare President and CEO, commented, “We continue to be pleased with the strong performance of DataV, our Internet of Things software offering, in deployments with large customers including a Fortune 500 company. This has led to timely payments, positive feedback, and additional opportunities with new and existing customers.
“During the first quarter we recognized $3.0 million in DataV revenue at high gross margin levels. We believe being early adopters of new software revenue recognition standards puts us ahead of the curve and is beneficial for the company and our shareholders. Further, during the quarter we announced six new DataV product applications, which we expect to speed and simplify time-to-value for our customers. We continued to add to our R&D, sales, marketing and customer solutions groups based on our positive outlook.”
Q1 2017 Financial Highlights
Total revenue for the quarter was $22.8 million, down 15% compared to the fourth quarter of 2016 and down 10% from the first quarter of 2016. Q1 revenue included $3.0 million in DataV software and services revenue.
Net income for the quarter was $0.2 million, or $0.02 per share, compared to net loss of $1.3 million, or $0.10 per share, in the fourth quarter of 2016 and net income of $0.5 million, or $0.04 per share, in the year-ago quarter. Adjusted EBITDAS* was $0.6 million, an increase of $1.4 million from the fourth quarter of 2016 and a decrease of $0.6 million from the first quarter of 2016. Our cash and investments at March 31, 2017 totaled $31.0 million, a decrease of $2.2 million from December 31, 2016.
View full press release here.
