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Spectra7 Microsystems (SEV) investor relations material
Spectra7 Microsystems Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary10 Nov, 2024
Executive summary
Revenue for the nine months ended September 30, 2024 declined 81% year-over-year to $1.8 million, driven by sharply lower demand for DreamWeVR AR/VR and data center products.
Net loss for the nine months was $14.0 million, a 263% increase from the $3.9 million loss in the prior year, mainly due to lower revenue and a $6.9 million non-cash loss on convertible debenture extinguishment.
Gross margin for the nine months was 47%, down from 59% in the prior year, reflecting reduced sales of higher-margin products and lower shipment volumes.
The company completed a forced conversion of all outstanding convertible debentures and raised $9.2 million through a May 2024 private placement.
As of September 30, 2024, working capital improved to $6.4 million, and cash increased to $3.0 million, primarily due to the equity raise.
Financial highlights
Revenue for Q3 2024 was $152,000, down 95% from $3.2 million in Q3 2023; nine-month revenue was $1.8 million, down 81%.
Gross profit for Q3 2024 was negative $17,000, with a gross margin of -11%; nine-month gross profit was $864,000, with a 47% margin.
Total expenses for the nine months rose 57% to $14.9 million, mainly due to the $6.9 million loss on debenture extinguishment.
Net loss per share for the nine months was $0.15, compared to $0.10 in the prior year.
Total assets as of September 30, 2024 were $9.6 million, up 13% from December 31, 2023.
Outlook and guidance
The company is dependent on revenue growth in the next year to fund operations and may require additional financing if expected revenues do not materialize.
Management is considering various financing options to support business objectives and address liquidity risks.
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Frequently asked questions
Spectra7 Microsystems Inc. is a company specialized in the development of high-performance analog semiconductors. These semiconductors are designed to enhance bandwidth, speed, and resolution, which facilitate disruptive industrial designs for electronic manufacturers. The company primarily serves markets in virtual reality, augmented reality, mixed reality, and data centers. The company is headquartered in San Jose, California, and its shares are listed on the TSX.
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