Fiscal Year 2021 Revenue up 429% from Fiscal 2020
Q4 Revenue up 591% from Q4 Fiscal 2020
Customer Orders Remain Above
Fiscal Year 2021 Financial Summary
- Revenue for Fiscal 2021 was
$5.5 million , up approximately 429% when compared with$1.0 million in Fiscal 2020. - Gross margin1 as a percentage of revenue for Fiscal 2021 was 58%, up approximately 700 basis points from 51% in Fiscal 2020.
- Non-IFRS operating expenses2 in Fiscal 2021 were
$6.7 million , compared with$5.1 million in the previous year. The increase was primarily due to higher personnel related expenses as employee furloughs ended and non-recurring engineering and supplies expenditure to support customer product ramped. - Basic and diluted loss per share for Fiscal 2021 was
$(0.29) . This represents an improvement, compared with a basic and diluted loss per share of$(0.59) for Fiscal 2020. - EBITDA3 loss of approximately
$2.8 million for Fiscal 2021 represents a decrease of approximately 22%, compared with a loss of approximately$3.6 million in Fiscal 2020.
Fiscal Q4 2021 Financial Summary
- Revenue for the fourth quarter was approximately
$2.6 million , up from$1.6 million in the third quarter and$0.4 million in the same quarter a year ago. This represents a sequential increase of approximately 67% and approximately 591% from the fourth quarter of fiscal 2020. - Gross margin1 as a percentage of revenue for the fourth quarter was 58%. This compares with 57% in the third quarter and 44% in the fourth quarter of 2020.
- Non-IFRS operating expenses2 in the fourth quarter were
$1.9 million . This was down from$2.0 million in the third quarter, and up from$0.9 million in the same period a year ago. - Basic and diluted loss per share for the fourth quarter was
$(0.04) . This represents an improvement, compared with a basic and diluted loss per share of$(0.12) in the third quarter and$(0.15) in the same period a year ago. - EBITDA3 loss in the fourth quarter was
$(0.1) million . This compared with a loss of approximately$(0.9) million in the third quarter and a loss of$(0.6) million in the same period a year ago.
Preliminary Q1 FY2022 and 1H FY 2022 Outlook 4
As previously announced on
As of
In addition, the Company reiterated from its
Non-IFRS operating expenses2 are expected to be between
2021 Business Highlights
- A major
China -based Hyperscaler began placing large volume orders in Q2 for Spectra7-based 200G PAM4 Active Copper Cable (ACC) interconnects. - Wandtec, an innovative technology leading interconnect supplier, announced its collaboration with Spectra7 to deliver interconnect solutions for low power, low latency and extended reach, targeted at major datacenter operators and high-performance computing OEMs.
- On
June 21, 2021 , the Company commenced trading on the OTCQB® Market inthe United States to increase visibility to prospective US investors. - Spectra7 continued to experience strong traction with its data center solutions and announced new customer design-ins in 2021, for a total of 98, of which 60% are for North American operators.
- Began production shipments in Q3 to a major
China -based hyperscaler for Spectra7-based 200G PAM4 ACC interconnects. - Demonstrated Spectra7's new GC1122 product for 112Gbps PAM4 based 800Gbps ACC interconnects at both
DesignCon U.S. and China International Optoelectronic Exposition .
CEO Takes Medical Leave of Absence
The Company announced today that Chief Executive Officer
Spectra7 is continuing its business plans uninterrupted, led by its deep bench of executive leadership. Chair of the Board of Directors
"We fully support Raouf in his request to take this leave and wish him the best as he focuses on his health," said
NOTES:
1 Gross margin is a non-GAAP measure. Refer to "Revenue and Gross Margin" in the MD&A for reconciliation to measures reported in the Company's financial statements.
2 Non-IFRS operating expenses is a non-GAAP measure which includes research and development, sales and marketing, general and administrative expenses and depreciation and amortization for capital equipment and right-of-use assets and excludes share-based compensation expense, non-recurring termination costs, interest and related financing costs, change in fair value of warrant liabilities, foreign exchange gain/loss and gain/loss from property and equipment disposal. Refer to "Non-IFRS Operating Expenses" in the MD&A for reconciliation to measures reported in the Company's financial statements.
3 EBITDA or earnings before interest, tax, depreciation, and amortization is a non-GAAP measure. EBITDA excludes share-based compensation, amortization, depreciation, interest, and tax expenses. Refer to "EBITDA" in the MD&A for reconciliation to measures reported in the Company's financial statements.
4 This is forward-looking information and is based on a number of assumptions which includes the current customer purchase orders received, supply outlook and anticipated operational expenses. See "Cautionary Notes".
ABOUT
Neither the
CAUTIONARY NOTES
Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, the Company's expectation for 2022 revenue and supply availability, the Company's expectation regarding product demand in 2022, expectation of
For more information, please contact:
214-597-8200
ir@spectra7.com
Chief Financial Officer
669-212-1089
ir@spectra7.com
Public Relations
650-269-3043
pr@spectra7.com
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