Sysorex (SYRX) Misses Q2 EPS by 3c

August 11, 2016 4:24 PM EDT
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Sysorex (NASDAQ: SYRX) reported Q2 EPS of ($0.11), $0.03 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $13.3 million versus the consensus estimate of $16.9 million.

"While we experienced a softening in our Storage and Computing Segment, which impacted our earnings for the quarter, we remain optimistic about future growth in this segment as we expand into the government vertical to offset the industry trending contraction in commercial verticals. We are encouraged by the expansion in our Mobile, IoT & Big Data Products and Professional Services segments and believe that our growth potential in both our AirPatrol and LightMiner offerings are significant. Our offerings are receiving substantial interest from a growing cadre of large, industry leading clients across Retail, Security and Government sectors and we anticipate announcing a number of additional significant customer developments in the coming quarters," stated Mr. Nadir Ali, CEO of Sysorex. "We are also very pleased to have recently closed on a $5 million convertible-debt and preferred stock financing with Hillair Capital which positions us for further growth by providing the capital we require to expand our sales and marketing and development efforts. This financing is based on a $1.50 conversion price which we believe demonstrates Hillair Capital’s shared confidence in our future."

For earnings history and earnings-related data on Sysorex (SYRX) click here.

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