Adesto Technologies Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Fourth Quarter of 2017
For the nine months, the company reported revenue of $39,958,000 against $31,638,000 a year ago. Loss from operations was $4,887,000 against $8,757,000 a year ago. Loss before provision for income taxes was $5,466,000 against $9,844,000 a year ago. Net loss was $5,523,000 against $9,890,000 a year ago. Net loss per basic and diluted share was $0.31 against $0.66 a year ago. Non-GAAP loss from operations was $1,087,000 against $7,284,000 a year ago. Non-GAAP net loss was $1,723,000 against $8,417,000 a year ago. Adjusted LBITDA was $51,000 against $6,593,000 a year ago. Non-GAAP net loss per basic and diluted share was $0.10 against $0.56 a year ago.
For the fourth quarter of 2017, the company expects revenue to range between $15.8 million and $16.2 million, resulting in another quarter of record revenue and approximately 30% year-over-year growth at the mid-point. Gross margin is expected to be between 47% and 50%. GAAP operating expenses are expected to range between $8.1 million and $8.3 million, or $7.1 million and $7.3 million on a non-GAAP basis, which excludes approximately $0.7 million in stock-based compensation expense and $0.3 million in amortization of acquisition-related intangible assets. Amortization of intangible assets will be approximately $300,000, and depreciation and amortization will be approximately $400,000.