BSQUARE Corporation (BSQR) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $1.26 million, or $ 0.10 a share in the quarter, against a net profit of $1.14 million, or $0.09 a share in the last year period. Revenue during the quarter grew 7.07 percent to $26.80 million from $25.03 million in the previous year period. Gross margin for the quarter contracted 489 basis points over the previous year period to 14.76 percent. Operating margin for the quarter stood at negative 4.88 percent as compared to a positive 5.18 percent for the previous year period.
Operating loss for the quarter was $1.31 million, compared with an operating income of $1.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.81 million compared with $1.94 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 3.03 percent for the quarter compared to 7.76 percent in the last year period.
Jerry Chase, Bsquare President and Chief Executive Officer, commented, “During 2016 we saw a successful launch of DataV, our new Internet of Things (IoT) proprietary software offering, with PACCAR, Inc., a global Fortune 500 transportation company and Itron, Inc., a world-leading technology and services provider. We also delivered solid results from our traditional third-party software business and optimized our engineering services business to support both DataV and our traditional services customers.”
For the first-quarter 2017, BSQUARE Corporation expects revenue to be in the range of $19 million to $21 million.
Working capital increases
BSQUARE Corporation has recorded an increase in the working capital over the last year. It stood at $35.44 million as at Dec. 31, 2016, up 9.93 percent or $3.20 million from $32.24 million on Dec. 31, 2015. Current ratio was at 2.75 as on Dec. 31, 2016, down from 2.89 on Dec. 31, 2015.
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