Aquantia Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue was $28,358,000 against $23,643,000 a year ago. Loss from operations was $1,741,000 against $672,000 a year ago. Loss before income tax expenses was $1,493,000 against $1,874,000 a year ago. Net loss was $1,368,000 against $2,025,000 a year ago. Basic and diluted net loss per share was $0.04 against $0.45 a year ago. Non-GAAP net loss was $382,000 against $1,115,000 a year ago. Non-GAAP basic and diluted loss per share was $0.01 against $0.25 a year ago. Non-GAAP loss from operations was $755,000 against $422,000 a year ago. Cash flow from operations for the first quarter was $7.8 million compared to cash flow unit for operations of $4.1 million in the prior quarter.

The company provided earnings guidance for the second quarter 2018. For the second quarter 2018, the company expects revenue to be in the range of $29.0 million to $31.0 million, gross margin to be in the range of 56.0% to 58.0%. GAAP operating expense is expected to be in the range of $18.1 million to $20.3 million, which includes stock-based compensation expenses in the range of $1.6 million to $1.8 million. The company expects tax provision for the quarter to range between $25,000 and $50,000.

The company expects some fluctuations in effective tax rate in 2018 as they transition business to international structure.