Bsquare (BSQR) Reports Q4 Loss of $0.14 on Revenues of $13.86M

Bsquare (NASDAQ: BSQR) reported Q4 EPS of ($0.14), versus ($0.33) reported last year. Revenue for the quarter came in at $13.86 million, versus $17.21 million reported last year.

"During the fourth quarter we increased our emphasis on IoT services and recalibrated our investment in DataV software, increased investment in our software distribution business and continued to develop our key partnerships with Microsoft and Amazon Web Services (AWS), with whom we signed a three-year collaboration agreement," said Kevin Walsh, acting CEO. "Last week we announced the appointment of Ralph Derrickson as president and CEO and to the company's board of directors, effective March 11th. Ralph brings broad strategic and technical experience to Bsquare and we are confident in his ability to accelerate our plans to establish a fiscally responsible long-term strategy for growth and value creation."

Fourth Quarter 2018 Financial Summary

• Revenue for the quarter was $16.8 million, down 14% compared to the fourth quarter of 2017 and up 1% sequentially compared to the third quarter of 2018.
• Operating expenses in the fourth quarter included a one-time non-cash charge to write-off $3.7 million in goodwill associated with a 2011 acquisition which was deemed impaired at December 31,2018
• Including the goodwill impairment charge of $3.7 million, net loss for the current quarter was $5.5 million, or $(0.43) per diluted share, compared to net loss of $4.2 million, or $(0.33) per diluted share, in the fourth quarter of 2017 and net loss of $2.1 million, or $(0.16) per diluted share, in the third quarter of 2018.
• Excluding the goodwill impairment charge of $3.7 million, net loss for the current quarter was $1.8 million, or $(0.14) per diluted share, as adjusted.(1)
• Adjusted EBITDAS(2) for the quarter was negative $1.6 million, an improvement of $2.1 million from the fourth quarter of 2017 and was approximately level compared to the third quarter of 2018.
• Cash, cash equivalents, short-term investments and restricted cash totaled $16.9 million at December 31, 2018 (including restricted cash of $0.5 million), which decreased approximately $7.8 million from December 31, 2017 and $0.3 million from September 30, 2018.

GUIDANCE:

Bsquare sees Q1 2019 revenue of $15-17 million.

For earnings history and earnings-related data on Bsquare (BSQR) click here.

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