Silver Spring Networks Inc (SSNI) saw its loss widen to $23.17 million, or $0.44 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $18.51 million, or $0.36 a share. Revenue during the quarter grew 3.38 percent to $50.26 million from $48.62 million in the previous year period. Gross margin for the quarter contracted 131 basis points over the previous year period to 33.65 percent. Operating margin for the quarter stood at negative 46.05 percent as compared to a negative 38.92 percent for the previous year period.
Operating loss for the quarter was $23.14 million, compared with an operating loss of $18.92 million in the previous year period.
“We made solid progress in the first quarter, with significant early-stage new customer deployment activities and further progress with our Gen5 platform and solutions,” said Mike Bell, president and chief executive officer, Silver Spring Networks. “Coming off a strong investment year in 2016, we are in the process of right-sizing our expense structure to support our goal of profitable growth as we extend Silver Spring’s technology to the broader Internet of Important Things™ markets.”
Operating cash flow drops significantly
Silver Spring Networks Inc has generated cash of $1.52 million from operating activities during the quarter, down 59.12 percent or $ 2.20 million, when compared with the last year period. The company has spent $0.58 million cash to meet investing activities during the quarter as against cash outgo of $2.09 million in the last year period.
The company has spent $2 million cash to carry out financing activities during the quarter as against cash inflow of $1.41 million in the last year period.
Cash and cash equivalents stood at $49.28 million as on Mar. 31, 2017, down 27.97 percent or $19.14 million from $68.41 million on Mar. 31, 2016.
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