Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) has reported results for its first quarter ending March 31, 2018, the company said.
All results are reported in US dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.
Gross margin was USD 62.1 million, or 33.2% of revenue, in the first quarter of 2018, compared to USD 55.5 million, or 34.4% of revenue, in the first quarter of 2017.
Operating expenses were USD 72.0 million and loss from operations was USD 9.9 million in the first quarter of 2018, compared to operating expenses of USD 56.8 million and loss from operations of USD 1.3 million in the first quarter of 2017.
Net loss was USD 8.4 million, or USD 0.23 per diluted share, in the first quarter of 2018, compared to a net loss of USD 92,000, or USD 0.00 per diluted share, in the first quarter of 2017.
Cash and cash equivalents at the end of the first quarter of 2018 were USD 70.6 million, representing an increase of USD 5.6 million compared to the end of the fourth quarter of 2017. The increase in cash was primarily due to cash flows from operating activities partially offset by capital expenditures.
Sierra Wireless is an IoT pioneer, empowering businesses and industries to transform and thrive in the connected economy. For more information, visit www.sierrawireless.com.