Revolution Lighting Technologies, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter ended June 30, 2018, total revenue was $36.5 million, compared to $43.3 million in the second quarter of 2017. Despite a significant increase in the backlog, revenue decreased primarily due to lower product deliveries, not resulting from lost opportunities, but as a result of project delays, which have moved to the second half of 2018. Adjusted EBITDA for the three months ended June 30, 2018 was $1.7 million compared to $3.2 million for the comparable period in 2017. The company reported an operating loss of $1.1 million for the three months ended June 30, 2018, as compared to operating income of $0.1 million in the same period in 2017, as a result of lower revenue. Reported GAAP net loss for the three months ended June 30, 2018 was $2.2 million compared to a net loss of $0.7 million for the comparable period in 2017, and reflects the aforementioned. Basic and diluted GAAP loss per share attributable to common stockholders was $0.10 for the second quarter 2018 as compared to a net loss per share of $0.03 for the second quarter 2017. Excluding the one-time acquisition, work force reductions and stock-based compensation, the non-GAAP net loss per share was $0.04 for the second quarter of 2018 compared to non-GAAP net income of $0.03 for second quarter of 2017. Non-GAAP net loss was $0.9 million against income of $0.7 million a year ago.

For the six months ended June 30, 2018, total revenue was $70.2 million, compared to $73.9 million in 2017 reflecting lower revenue in the second quarter, as noted above. Adjusted EBITDA for the six months ended June 30, 2018 was $2.7 million compared to $2.8 million for the comparable period in 2017. The Company reported an operating loss of $2.4 million for the six months ended June 30, 2018, as compared to an operating loss of $4.1 million in the same period in 2017, as a result of decreased expenses. Reported GAAP net loss for the six months ended June 30, 2018 was $4.4 million compared to a net loss of $5.7 million for the comparable period in 2017, and reflects the aforementioned. Basic and diluted GAAP loss per share attributable to common stockholders was $0.20 for the 2018 as compared to a net loss per share of $0.27 for 2017. Excluding the one-time acquisition, work force reductions and stock-based compensation, the non-GAAP net loss per share was $0.10 for 2018 compared to a non-GAAP net loss of $0.12 for 2017. Net cash used in operating activities was $11.212 million against $8.436 million a year ago. Purchase of property and equipment and other was $1.403 million against $0.652 million a year ago. Non-GAAP net loss was $2.2 million against $2.5 million a year ago.

The company provided earnings guidance for the third quarter, second half and full year of 2018. The company expects third quarter 2018 revenue in the $40 - $42 million range and Adjusted EBITDA in the 6% range.

The company expects full year 2018 revenue in the $160 million - $170 million range and Adjusted EBITDA in the 6% - 7% range. The company expects positive free cash flow in the second half of 2018 of approximately $10 million - $12 million. The company expects immediate favorable results in cash flow for the second half.

For the second half, the company expects free cash flow for the second half to be in the $10 million to $12 million range due to increased EBITDA and as a result of the recent changes.