Adesto Technologies Corporation (IOTS) Tops Q1 EPS by 3c

Adesto Technologies Corporation (NASDAQ: IOTS) reported Q1 EPS of ($0.10), $0.03 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $11.3 million versus the consensus estimate of $11.21 million.

• Revenue of $11.3 million increased 11.1% year-over-year and seasonally declined 8.3% from prior quarter;
• GAAP gross margin was 49.1%, compared to 49.1% in the first quarter of 2016 and 50.6% in the fourth quarter of 2016;
• GAAP operating expenses were $8.1 million and non-GAAP operating expenses were $7.0 million; and
• Adjusted EBITDA was a loss of $1.1 million, compared to a loss of $1.9 million in the first quarter of 2016 and a loss of $111,000 in the fourth quarter of 2016.

Commenting on the quarter, Narbeh Derhacobian, Adesto’s president and CEO, stated, “I’m very pleased with our results in the quarter as we continue to execute well across our business. We grew revenue 11.1% year-over-year, reaching the high end of our guidance. Operating expenses were below guidance, reaffirming the operating leverage in our business model as we drive toward achieving adjusted EBITDA breakeven by the middle of the year.

“In terms of the overall market, we are seeing strong demand for our application-specific memory solutions for IoT applications, including industrial, consumer, wearables, communications as well as smart lighting. Over the past year and continuing in the first quarter, we have made significant progress increasing the total dollar value of our design wins, which is beginning to materialize in our results. The expansion of our offerings across our product families has resulted in expanding our opportunities and footprint at new and existing customers. In fact, we have secured design wins with a number of large, tier-one customers who are utilizing multiple Adesto products across different applications.

“In summary, the combination of design wins ramping into production and continued traction with new products is driving our expectation for record revenue in the second quarter, growing 25% over the prior year quarter. This achievement sets the stage for continued momentum across our end markets and product families into the second half of the year.”

For earnings history and earnings-related data on Adesto Technologies Corporation (IOTS) click here.

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