pdvWireless, Inc. (PDVW) saw its loss widen to $7.83 million, or $0.54 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.46 million, or $0.38 a share.
Revenue during the quarter surged 40.67 percent to $1.14 million from $0.81 million in the previous year period. Gross margin for the quarter stood at negative 46.73 percent as compared to a positive 39.54 percent for the previous year period.
Operating loss for the quarter was $7.85 million, compared with an operating loss of $5.49 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $6.22 million compared to negative $4.30 million in the prior year second quarter.
"As we enter the second half of our fiscal year, we continue to build upon our core initiatives and further define and enhance our position for long-term growth," said John C. Pescatore, President and CEO of pdvWireless. "We remain disciplined in our approach to investing strategically in our business, while identifying, creating and implementing wireless solutions for the many industry verticals we serve."
Operating cash flow remains negative
pdvWireless, Inc. has spent $15.29 million cash to meet operating activities during the first half as against cash outgo of $10.07 million in the last year period.
The company has spent $1.22 million cash to meet investing activities during the first six months as against cash outgo of $5.36 million in the last year period.
Cash and cash equivalents stood at $136.96 million as on Sep. 30, 2016, down 19.09 percent or $32.32 million from $169.28 million on Sep. 30, 2015.
Working capital declines
pdvWireless, Inc. has witnessed a decline in the working capital over the last year. It stood at $133.94 million as at Sep. 30, 2016, down 19 percent or $31.42 million from $165.36 million on Sep. 30, 2015. Current ratio was at 32.44 as on Sep. 30, 2016, down from 36.35 on Sep. 30, 2015.
Days sales outstanding went down to 43 days for the quarter compared with 46 days for the same period last year.
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