Intermolecular, Inc. reported unaudited consolidated earnings results for the March 31, 2017. For the quarter, the company reported total revenue of $9.95 million against $14.52 million a year ago. Loss from operations was $5.99 million against $1.73 million a year ago. Loss before provision for income taxes was $5.84 million against $1.68 million a year ago. Net loss was $5.84 million against $1.7 million a year ago. Basic and diluted net loss per share was $0.12 against $0.03 a year ago. Net cash used in operating activities was $0.95 million against $2.51 million a year ago. Purchase of property and equipment was $0.3 million against $1.4 million a year ago. Non-GAAP operating loss was $5.331 million against $0.603 million a year ago. Non-GAAP net loss for the first quarter was $5.2 million, or $0.10 per basic and diluted share, compared to $0.6 million, or $0.01 per basic and diluted share in the first quarter of 2016. Adjusted LBITDA for the first quarter was $1.9 million, compared to adjusted EBITDA of $1.4 million in the first quarter of 2016.

In the first quarter, the company implemented a restructuring plan to reduce its cost structure. Included in first quarter results is a charge of $1.3 million in connection with the restructuring. Management estimates the restructuring will save the company approximately $1.8 million per quarter starting in the second quarter of 2017. As a result, the company expects to generate positive adjusted EBITDA at $10 million revenue per quarter.