Revenue Growth
Revenue of $13.5 million, a 17% increase over the same period last year.
Positive Financial Results
Income from operations was $700,000, compared to a loss of $1.9 million in the prior year. Adjusted EBITDA was $1.1 million, compared to an adjusted loss of $1.4 million in the year-ago period.
Improved Gross Margin
Gross margin improved to 45% compared to 43% for the same period last year.
Cost Reductions
R&D expenses decreased to $1.7 million from $2.5 million in the year-ago period. G&A expenses decreased to $1.6 million from $2.1 million.
Strong Cash Position
Ended the quarter with $2.8 million of cash on the balance sheet and no debt.
New Revenue Stream
Introduction of a new revenue stream through data licensing expected to positively impact revenue, margins, and enterprise value.