Spectra7 Microsystems Inc (OTCMKTS:SPVNF) Stock In Focus After Earnings Update

Leading high performance analog semiconductor products provider for broadband connectivity Spectra7 Microsystems Inc (OTCMKTS:SPVNF) was in focus yesterday after it announced its financial results for the fiscal quarter that had ended on March 31, 2023.

Trading Data

On Tuesday, SPVNF stock ended flat at $0.4237 with 1.70K shares, compared to its average volume 40.53K shares. The stock moved within a range of $0.4237 – 0.4237 after opening trade at $0.4382.

Spectra7 Announces 50% Y-o-Y Revenue Growth in First Quarter 2023, Affirms Outlook for Q2 2023

Additionally, the company reiterated its outlook for 2023 as well. The company managed to generate revenues of C$3.1 million for the first quarter and that worked out to year on year rise of 50%. The gross margins as a percentage of the revenues went up to as much as 63% as opposed to 43% in the prior year quarter.

The loss for each basic and diluted share for the first quarter stood at C$0.03 and that was an improvement on the loss for each basic and diluted share of C$0.08 in the prior year quarter.

The EBITDA loss for the quarter went down considerably to $70,000 and that was a major improvement on the EBITDA loss of C$1.3 million in the same quarter in 2022. Additionally, Spectra7 Microsystems also managed to strengthen its balance sheet further by raising C$6 million through a private placement in March this year. The company projected that in the second quarter it expected its revenues to be in the $3.1 million to $3.3 million range.