Adesto Technologies Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for the Second Quarter of 2017
Adesto Technologies Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported revenues of $11,307,000 compared to $10,176,000 a year ago. Loss from operations was $2,553,000 compared to $1,290,000 a year ago. Loss before provision for taxes was $2,748,000 compared to $1,526,000 a year ago. Net loss was $2,775,000 or $0.18 per basic and diluted share against $1,540,000 or $0.10 per basic and diluted share a year ago. Non-GAAP loss from operations was $1,420,000 compared to $2,135,000 a year ago. Non-GAAP net loss was $1,642,000 compared to $2,385,000 a year ago. Adjusted LBITDA was $1,088,000 compared to $1,869,000 a year ago. Non-GAAP basic and diluted net loss per share was $0.10 compared to $0.16 a year ago.
For the second quarter of 2017, the company expects revenue to range between $12.8 million and $13.1 million. Gross margin is expected to be between 48% and 50%. GAAP operating expenses are expected to range between $8.3 million and $8.5 million, which include approximately $0.9 million in stock-based compensation and $0.3 million in amortization of acquisition-related intangible assets.